Ben Cardin (D)
The current and projected budget surpluses give us the opportunity to assure the long-term solvency and stability of Social Security. Social Security has been a tremendous success in reducing the poverty rate among America's elderly. At the same time, Social Security was never intended to provide a full and adequate retirement income. I strongly support expansion of tax incentives for Individual Retirement Accounts, as well as 401(k) plans and other employer-sponsored retirement savings plans. We should further augment Social Security by providing new tax incentives for individuals to create personal retirement accounts. Social Security reform should assure the continued payment of benefits under the existing system while giving individuals the opportunity to benefit from investment in private accounts.