Just thinking outloud. We know that Social Security is not fully funded and therefore can't continue in it's current form. There aren't a lot of proposed solutions out there. The way it works is my money is taken out of my check each month to be invested for me to use when I retire. But then those funds are diverted to other government programs. Who thinks this is a good idea?
I like the idea of letting people divert a portion of their monthly income to a retirement fund of their choosing. The funds would have to meet certain standards as we, in this country, seem to be prone to economic ineptitude.
If there were a catchall infrastructure that included super low income housing and subsistence food for those who fell through the cracks, I could support doing away with mandatory retirement investment altogether.
But here is the key to the solution. What do you do with the people who already paid in? The government tallies up your contribution and interest earned and allows you to pay your taxes with it. It's fing brilliant.
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