Though there are several critics who believe that the privatization of Social Security may hold some serious consequences as far as elderly poor are concerned, but, on the other hand, after examining the available evidences, what comes out is contrary to the statements of such critics. These evidences prove that doing this will be quite beneficial for the poor.

As far as the benefits of privatization of Social Security are concerned, given below are some of the most probable benefits on various sections of the society:

• Privatization is likely to increase income of the elderly retired people those who need it the most provided higher return rates are provided.
• The privatization will certainly increase the savings of the country and thus offer newer tool in terms of capital investment. This would benefit the poor in particular. Thus, privatization can be seen as a boon for the poor.
• Though it is expected that this step may bring a rise in retirement savings of men as well as women, it is to bring about several financial benefits for the women.
• Almost all women will feel comfortable as well as wealthier under an individually owned or accounts based on private investments rather than the existing system of Social Security.
• Privatization would again benefit women in cases where earnings are being shared among the spouses.
• Contributions provided by women to their personal accounts is also likely to reduce by around 7 percent of the earnings covered but would still provide them much higher benefits in terms of retirement as compared to the current system of Social Security.

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