Corporate benefits professionals are somewhat optimistic Social Security will be shored up through federal legislation soon. More than 80% of respondents want Social Security to be privatized to some degree, according to a recent survey conducted by the International Foundation of Employee Benefit Plans. About one-quarter (28%) of the 247 respondents thought employees should be allowed to opt out of Social Security to save through private-sector vehicles. And 78% thought the government should invest some Social Security trust assets in equities.
More than half (59%) believe legislation will be enacted to improve the long-term fiscal soundness of Social Security, according to the survey; 57% think employers should play a stronger role in getting employees to plan for retirement; and 54% expect privatizing Social Security would lead to higher benefits.