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Little Security from Retirement Accounts
Many retired Americans have found out the hard way that retirement accounts can’t guarantee security. With the rising cost of living and devalued U.S. dollar continue to hinder the affordability levels for people seeking retirement. While the Securities Industries Association -- which represents investment banks, brokerage firms and mutual funds -- endorses private Social Security accounts, some investment professionals have serious doubts about them.
James Riepe, vice chairman of mutual fund firm T. Rowe Price, says his company may or may not be interested in private Social Security accounts. "It depends on how it is put together. If you've got hundreds of thousands of little teeny accounts, that's not a business, frankly, we can do efficiently," he says.
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