Other nations have made the transition from government social security to private retirement. Chile reformed its system in 1981 and is now working to help other countries do the same. American municipal workers allowed to opt out of Social Security prior to 1983 also provide an example. According to Cascade Policy Institute , both Chilean and U.S. municipal workers have realized significant advantages from the change. Chile's savings rate has grown significantly, for example, and municipal workers have also realized significant advantages.
Workers deserve the opportunity to make their own retirement choices.
But they also deserve to have the Social Security investments they have already made be protected. But Social Security reform must happen. And it must happen before the fund goes bankrupt.