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Politics : View from the Center and Left

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To: Lane3 who wrote (645)	6/11/2005 1:40:37 AM
From: Peter Dierks	Read Replies (1) of 541490

"Why not just collect the money via payroll taxes and they provide a lump sum at retirement and let the folks in the annuity biz offer various choices for payouts?" Because most people will blow it. Can you tell me how many big bonanza lottery winners ever collect their last payment when they take the annuity? The percentage is infinitesimal. Most sign over the remaining income stream to pay off their debts. Debts accumulated by the big winner because there was no need for spending restraint because there was always the next payment, and besides they were rich. I have worked with common people and investments much of my life. The choices people make are seldom well thought out. The plan has to compensate for that. We need a plan to deal with future retirees. Even a half baked plan is better than the Ponzi Scheme we have now.

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