30% privately invested won’t affect Social Security system
Quayle says individuals should be given the chance to privately invest up to 30 percent of the money they now pay into the Social Security fund. “It would be their choice and it wouldn’t affect the Social Security system at all,” he said.
Source: Associated Press
Jul 7, 1999
Tax-free “Freedom Accounts” replace IRAs.
Quayle has proposed a new, powerful savings and investment tool to replace traditional IRAs: the Freedom Account. Individuals could contribute up to $10,000 annually in after-tax dollars to their Freedom Accounts, allowing these nest eggs to grow
tax-free for retirement.
[The plan allows] the penalty-free use of these funds for
education of a child at any school
the first-time purchase of a home
medical expenses
the costs of long-term care for elderly or disabled relatives.
Source: www.quayle2000.com/ “Lower Taxes”, 5/19/99
May 19, 1999
Can place 30% of SSI taxes into “Freedom Accounts”
Freedom Accounts would also help to strengthen Social Security. Under Mr. Quayle’s plan, every working American could choose to place up to 30% of their Social Security payroll taxes into their Freedom Account. This would allow individuals to realize a
much higher rate of return on their Social Security savings (realistically, 6-7% returns vs. 1-2% for current returns) and retain more control over their retirement.
Source: www.quayle2000.com/ “Lower Taxes”, 5/19/99
May 19, 1999
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