gle plan. By design, Social Security has provided inadequate income to middle- and upper-income individuals in the expectation that they will supplement these benefits on their own. It has worked, at least in part. Roughly 45 percent of the work force is covered by supplementary pensions. Many of these supplementary plans started as defined-benefit plans but increasingly have shifted to the defined-contribution model. On top of that, individuals can save independently through a variety of voluntary, tax-subsidized individual retirement accounts. In other words, the United States already has many tiers that combine the defined- benefit and defined-contribution approaches to providing retirement income. We do not have to privatize Social Security to create still another tier.
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