In the heart of the Andes Mountains is an example of a fully-privatized social security system.They also work in Galveston, TX as this PowerPoint97 presentation will show.
Hector Espinoza, 48, is one of the 3.6 million Chileans with a private retirement account.
The biggest benefit, he says, is "the chance to control my retirement."
In 1980, Chile's traditional pay-as-you-go social security system was about to go under. In response, the government created a program that required workers to save for their own retirement through private investment accounts.
Friday, March 11, 2005
Private Accounts Work!
From CBS News:
