Gingrich Wants Private Retirement Accounts

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Republican presidential candidate Newt Gingrich is proposing a retirement plan for young people that would bypass Social Security and instead choose private retirement accounts that would be invested in the stock market.

The plan would allow workers to place their payroll taxes in a private account. All of the money deposited would belong to the individual rather than the government.

Employers would continue to pay their share of Social Security taxes, which would fund the benefits for current retirees.

Some analysts believe Gingrich's plan would leave a funding gap. But the former House speaker brushed that off when questioned by reporters.

"That gap is more than covered by the savings" that would come from giving states' control of 185 social welfare programs, Gingrich said.

Gingrich said his retirement proposal would give Americans more control over their money.

"Wouldn't you rather control your account?" Gingrich asked an audience of students at St. Anselm College.

Gingrich plans to push his plan forward using a video clip of President Obama saying he can't guarantee Social Security checks for the next generation.

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