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Politics : The Citizens Manifesto
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To: neolib who wrote (8)6/13/2005 1:12:29 PM
From: RetiredNow  Read Replies (3) of 492
 
I'm all for things like social security, but I can't stand entitlements. For instance, social security as it stands today is an entitlement, because it is not self-sustaining. We may fix it by increasing taxes overall and to the richer, but then it will have to be fixed again later on when demographics change.

Why don't we just create a system that can be set up once and never has to be fixed again? I vote for having an enforced savings mechanism at the current rates. However, all the income from a person is tagged to that person's social security number. Then the income is invested in a lifecycle fund with a target date of whenever that person is 65 years old. We can also say that none of the money can be withdrawn until the person is 65, at which point an annuities is purchased with the proceeds. All money not used up by the person upon his/her death is then inherited by his/her heirs.

To me this is the fairest type of plan and will help people save properly and ensure they retire well.
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