They'll be lobbying for it and to control the money. IF the individual has control, total control of the investments, then the risk would be if they were stupid enough to invest in high risk shit. The problem is that very few people know how to handle investments which will be lobbyists' argument so that they get control of the money. I lost about 1/5 of my investment when the stock market first started going funky before the crash, money I could have used. I was on a low-risk set-up because I was getting near retirement and fortunately TIAA-Cref advisors have no financial gain to make from advising me to do low-risk or high risk. They are salaried and so advise for the benefit of the person.

I would have lost a lot more except I got completely out of the stock market and put all my money into guaranteed before the stock market did its nosedive. Intuition told me to get the hell out and I did and have never regretted it. I could have gotten back in and maybe recouped some of the funds during the last 6 months or so but frankly, I can't risk it.

If the government would turn it over to someone like TIAA-Cref to manage, I'd have no objection. Other financial entities, like Aetna and such pay their advisers on commission so they have a vested interest which could be directly adverse to yours. Therefore, you can't trust them.

Generally, in times of a bull market (going up), you want to keep your bond share low. In times of bear market (going down), bonds will usually be the better investment. However, in this recession, I don't think anything but guaranteed was doing well. I had made some in commercial real estate and overseas markets but both of those stagnated and I got out before they, too, plummeted.

So you have to know the players and what their interests are. There's damn near no one you can trust, not government, not financial players because they're all going to have their own vested interests. Find a friend who knows what the hell they're talking about and ask their advice--general advice. Anyone who's willing to take the responsibility for more than that, well, they're either irresponsible or well-meaning and foolish. It's your decision in all cases. That's why I always liked TIAA-Cref. They were not psychic but they knew their business. I had to weigh their general advice against my intuition. IOW, it's a crap shoot. 😁

Incidentally, I'm against privatization. However, that said, whatever happens, it probably will not affect me or other current retirees. They won't cut ours off (or if they do, they really WILL have a revolution and get voted out of office--GREY POWER!)