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GALVESTON, Texas (AP) - When county employees in Galveston learned 25 years ago that Social Security could be in trouble, they took a gamble on their retirement and opted out of the federal system.
Ray Holbrook, a retired county judge who promoted the alternative to Social Security in 1980, acknowledged he didn't hit the jackpot with the private plan, which later was adopted in neighboring Brazoria and Matagorda counties.
But Holbrook and others maintain it is possible to retire more comfortably with their plan than with Social Security. Holbrook sees his county's plan, which allows workers to invest a portion of their income in annuities and bonds, as a model for the privatization of Social Security.
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