So, chances of real progress went from “none” to “slim”.
This is promising.
In the early 1990s, that country passed legislation that required employers to supplement workers’ wages with contributions to privately managed pensions.
The contribution rate has gradually risen to 12% of employee salaries, including for part-time workers. In total, the system is on pace to be the world’s second-largest retirement plan within the next decade.
Which is very similar to what I have suggested. We are already putting in 12% for Social Security. I would be fine with no cap in a scenario like this.
This is also very similar to what Bill Clinton was looking at doing in the late 90’s
Sounds good but it would be difficult and expensive to change to a system like that. Our current system is built on you paying for your parents benefits and your kids paying yours. If they can make it work I’m all for it.
Which will be paid for by consumers, I’m sure democrats will be against it like they are against tariffs.
My son and his buddies won’t have pensions, they know this and put a substantial amount into their 401k’s and IRA’s. The problem is a lot of people do not take responsibility for their own retirement and expect someone else to pay for it, that goes back at least 50 years.
I agree, if you’re funding an individual account where it’s your money it makes sense.
Cheaper than any other “reform” that has been suggested.
Unfortunately it’s probably going to have to come down to increasing the contribution and cutting benefits. IMO start with eliminating or greatly reducing the COLA and increasing the minimum age you can start collecting for younger people. Maybe make the minimum age to start collecting 65 and 70 for full benefits for anyone born in the last 10 years.
That is unacceptable.