Most Americans Would Trade Benefits for Private Accounts

May 4, 2001 ( - More than half (55%) of working Americans would accept a reduction in their benefits it they could direct part of their social security taxes into a private retirement plan.

The national survey of 1,300 consumers by financial services research firm DALBAR found that men were most enthusiastic about the possibility, with 65% in favor and 32% strongly in favor.

Gender Mix

On the other hand, just 48% of working women were in favor of the option.

Most workers (59%) between age 30 and 50 would choose to make the trade, while a somewhat smaller 49% of workers between age 51 and 70 said they would.

Somewhat ironically, millionaires are less inclined (47%) to elect the reduction, but a majority (53%) of those with less than $100,000 in assets would make the trade. That increased to 59% of those with $100,00 to $500,000 in assets.

– Nevin Adams