Raising The Social Security Retirement Age Is The Wrong Approach

The American people deserve true entitlement reform. Raising the retirement age doesn’t reform an unsustainable system. It simply kicks the can down the road, allowing the current cabal of establishment political elites to continue in office, without making any real decisions on this issue.

What is needed is true reform. We need a system whereby citizens are allowed to build their own retirement accounts from an early age, rather than to pay into a broken ponzi-scheme system their entire lives, in hopes they live long enough for the government to dribble out a few crumbs for them to live on in their later years.

Not only is the current system unsustainable, it doesn’t even allow average citizens to comfortably retire. If today’s young worker had funds removed from their paycheck and placed in a personal retirement account, rather then allowing the government to get their thieving, incompetent hands on the money, we would all be much better off.

As any financial advisor will confirm, today’s young worker could retire at 62 with well over one million (inflation adjusted) dollars, and this assumes only a modest return on their investment (it could be much more). Citizens would actually own their money and if they happened to pass away before retirement, the funds would be passed on their family, rather than allowing the government to keep it and waste it.

The critics of allowing citizens to keep their own money always scream “Privatize!”, “Privatize!”, like it’s a bad thing to keep your own money (what a concept). “Privatize” is actually the wrong word to use in this case. Personalize is more of an apt description of what I am proposing. I also reject the demagogic talking point of “Gambling your retirement on the stock market”. No one is suggesting we invest our retirement accounts in high risk stock. That’s absurd. There are plenty of totally safe investment options for our Personal Retirement Accounts.

We should pick an age, perhaps 40 and younger, and say to those individuals; from now on, a portion of what you currently pay into Social Security will now be placed in your own personal retirement account and the amount of social security benefits you receive upon retirement will be decreased by that amount. As time goes on, younger citizens will pay less and less to the government and more funds will go into their personal retirement accounts, which they will own and government can’t steal.

In a couple of generations, the entire issue of Social Security will be solved and individuals will be responsible for their own retirements, as it should be.

The same approach can be used when dealing with Medicare and Medicaid. Let’s have Personal Medical Accounts, rather than government controlled and rationed health care. If you never have to use your Personal Medical Account, it is passed on to your family at the time of your death.

We need to have a national discussion on this issue, rather than buying into the demagoguery spewed forth by the pundits who believe government is the answer to all of our problems. We also need to ensue we elect politicians who will empower the citizenry, rather than empower the federal government. That is most critical, if we ever hope to dig out of this entitlement mess we have gotten ourselves into.

“That government is best which governs least”

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