In the Australian system, your employer has to pay 12% of your pay into a pension ("superannuation") fund of your choice. Taxpayers still pay for pensions for those whose individual pension accounts have run out – but, in coming decades, that taxpayer expenditure is projected to shrink. [0]
Maybe the US should look at copying it? Well, Trump has expressed interest in doing so. [1] But, Australia has had something like this since the 1990s, so even if the US adopted the Australian model tomorrow, it would take a few decades for it to really make an impact.
We have plenty of great savings and retirement options in America. The problem is the word "option". Many people do not take any option but they still get old.
Social security is fine, whatever, no one likes living off it so industrious people will work hard and save on top of it. I am more annoyed when people say America has no social safety net when it spends absolute gobsmacking amounts on social security, Medicare and Medicaid.
It's such a shame they were never able to invest the SS fund in something productive. The WSJ had an article a few weeks ago that put the lost earnings close to $1 trillion.
> That, and people who are old enough to collect social security are rich.
You claim that as a fact. Seriously? I can’t tell if you’re joking, obviously there are many poor old people.
What they do that young people tend not to do is vote. Young people go on social media and tell you to burn down a Wal-mart instead of voting in a rigged system… then they don’t burn down a Wal-mart and they don’t vote.
I am explaining GP's point. He said the cohort is rich. It is true. There is more total wealth in older generations. I do claim it as fact.
It is also true that oldsters vote more. We can speculate on why that is. I say it's because they don't have jobs or anything else to do besides bingo night.
It’s not a question, it’s an incredulous reaction to someone playing word games to fake having a point. “More boomers are wealthy than other groups” doesn’t imply that there isn’t a full distribution of net worths in the elderly, including in debt and penniless.
I wanted to follow the rules and try to be charitable, but you’re making it impossible to conclude that you’re worth talking to.
Baby Boomers are on average the richest generation, with ~$1.8 million [1]. Most of them could happily fund their own lifestlye without taking money from the poor. It's not like elderly people aren't able to apply for normal government programs if they need support. Elderly people can get on SNAP so they don't starve, but why can't a 20 y/o who can't make ends meet get free checks every month?
That, and people who are old enough to collect social security are rich.
Combine those two facts.