Social Security is on the minds of many Americans. The debate concerning privatizing Social Security is heating up. Both sides have had their say, but nothing has been resolved.

There are many reports which state Social Security will be bankrupt in the next twenty years in its present state. This statement alone frightens many of Americans, who depend on or plan on receiving Social Security as their main source of income. Is the privatizing it, a solution to the problem? Will the government attempt to put the burden on us, to make our retirement work, or just trying to save Social Security?

The question of privatizing Social Security on the surface seems feasible. Give people the choice of taking some risk with the money used for Social Security. Let them manage their Social Security money, because the portfolios they choose, will be better than the government bonds they invest in. This a very blanket statement and assumes we are all on the same, financial planning, learning curve.

The real issue is who is going to be responsible when peoples' accounts drop or end up penniless. Right now it is hard enough to get people to diversify in their 401K. What fund families will be used, and will the government pay an investment company to hold seminars as should be required by law? The possibility of people losing money they paid into Social Security is dreadful.

The counterargument will point out, that a six percent return based on historical data, over the course of 25 years is not out of the ordinary. People are more sophisticated concerning financial matters, so let them be in control. It true that some Americans can set up an asset allocation properly with no help. Many of these individuals have worked with a financial planner or broker at sometime in their life. This is not the case for everyone. The idea that more people could be homeless because of Social Security privatization, is not heartwarming. If you we decide to choose this route, we need to push for a long-term education plan mandated by law, before privatizing begins. Many hope the government can find a more constructive way to keep Social Security solvent.

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