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Politics : The Citizens Manifesto

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To: Road Walker who wrote (67)	6/13/2005 3:31:02 PM
From: RetiredNow	Read Replies (2) of 492

1. I don't think that the people in the bottom 20% could build a nest egg that would provide a subsistence income. Especially those that are currently approaching middle age. Here's a scenario for you: A guy who's 21 yrs old today earns $30K/yr until he's 67, at which point he retires. In other words, he's solidly poor all his life. Using SSA.gov's quick retirements calculator, he will get $1,171 per month in today's dollars when he retires. If that guy had taken the same dollars and invested in a lifecycle fund earning 7%, with inflation at 3%/yr, he would have earned $1,431 per month. This shows that he would be better off than if he used my new system instead of the current social security system. He'd still be poor, but not as poor as with today's system. 2. How do we pay for the "transition costs". Increase taxes to the rich (those earning $500K or more per year) by 5% to cover transition costs. Allow anyone in the system today, who is 30 years or younger to forfeit all their contributions in the current system, in order to move to the new system.

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