The best way to have better retirement-security is through better economic and job-growth with more people working. More people making more money with rising incomes and with falling unemployment, more people with resources to plan their own retirements with falling unemployment. And fewer people collecting money because now they are working with a good job and able to spend and put money away. On their own by eliminating the middleman or middle women meaning government or private employers. With more workers with the resources and skills to manage their own retirement funds. What would happen if we accomplished this, more people would be working with good jobs and less people in. Need of Social Security just to pay their bills and more workers using their Social Security income like. A senior citizen would use a part-time job just to stay busy. Extra spending money that they’ve earned but not money that they must have in order to pay their bills. Because they have their own personal retirement account with the resources to take care of that.
I’ve blogged about this before when it comes to pension-reform but I’m in favor of a form of what’s called Social Security Plus. That would be a separate retirement plan that could go along with Social Security but it wouldn’t replace it. Not looking to privatize Social Security at all but to create a new retirement plan and option that workers could choose. That would be financed by individuals and their employers which would be tax-free in both cases. As long as that money is not spent before the worker retires that workers would manage themselves. And could put additional funds into off of investments money that make separate from their fulltime job that again would be. Tax free as long as it’s not spent before the individual is eligible to retire. With the worker being responsible for the consequences of how they manage their own personal retirement account. The money that they make and liable for the losses that they take.
With more people working and more workers making more money with the resources and skills to plan their own retirements. We could create a retirement system that’s run by the people themselves. Not government or private employers trying to manage other people’s money for them but individuals. Able to manage their own money.