The Social Security benefits program will run out of money three years earlier than previously thought, with the fund for retirees likely to become insolvent in 2033, according tothe Social Security Administration's Trustees 2012 annual report.
Though Social Security benefits have long been a successful federal safety net for millions of Americans, some lawmakers and policy analysts believe the only way to save it from inevitable bankruptcy is to privatize the system.
Supporters of private accounts believe that in having more control over their investment choices, retirees would be able to achieve a higher rate of return than what the trust earns on Treasuries.
Critics of privatizing the trust argue that investing is complicated and risky, and individuals could lose their retirement safety net through bad decisions.
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