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The issue of people spending all their savings from SS prematurely can be easily dealt with.
Continue to have a system where your pay is automatically deducted for SS, 7% & a 7% match. But instead of letting the gov't mismangae it put it into accounts similar to what most private employers have with a menu of choices.
"But too many people will invest in risky schemes and loose it all"...not if it is set up with limits. Restrict the types of accounts to the conservative end of the spectrum. Also put age restrictions on it. When you turn 35 you can't put SS money into the more aggressive funds and by 50 all the pre-existing funds have to be moved into conservative funds like money market or bond funds. You can still invest non-SS money any way you like. This would be your most conservative portion of your portfolio. And of course you cannot touch it until age 65.
There's probably something I haven't accounted for but you get the general idea. Something similar to this could work.
Too bad the dems only want to play politics instead of fixing something THEY broke. Bush's plan wasn't perfect but you can bet he would have entertained adjustments to it for compromises sake. But the dems only chose to say "Bush evil" and let us continue to suffer the consequences of their actions. The truly evil are the dems in charge, pushing their agenda.
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