Switch to private retirement

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Moneisha Wilson
Posts: 4
Joined: Sat Feb 15, 2020 3:04 pm

Switch to private retirement

Post by Moneisha Wilson »

Our whole social security, Medicare, retirement-in-general system needs to be completely revamped to a private system. Both should be privatized, with the monies paid in (perhaps keeping the mandated employee payroll tax rate as a required minimum contribution; I'm of two minds on such a mandate, though) going to the payer's own future retirement. Let him be solely responsible for my retirement funding.
Furthermore, there should be no income limits or contribution caps whatsoever, nor should there be any requirement to withdraw from the accounts, and any that might remain after death should go into the decedant's estate for his heirs. Start teaching financial literacy in grade school and junior high, and teach economics in junior high and high school. It'd be decidedly expensive to convert to a private retirement system, but failure to do so is only going to make things even more expensive. Moneisha Wilson

Violet Middleton
Posts: 3
Joined: Sat Feb 15, 2020 3:02 pm

Re: Switch to private retirement

Post by Violet Middleton »

Also, the first thing we should do if we are going to fix the system is to make benefits indexed to life expectancy. Not a private system. Currently women have an enormous benefit advantage, especially compared to black males. Also this extends to those who are well educated and who earn more. So basically well educated white women exploit poor black males to get a much larger life time benefit in their retirement as well as social security.
This is not fair and it needs to be fixed. Index the benefits to that of a working class white male, that way a poor black male would get a significant boost per year while a professional white women would see a reduced benefit, though over the lifetime of the benefit she gets the same. Most likely we would only be able to do that to the 2nd and the 3rd tranche.

admin
Site Admin
Posts: 27
Joined: Fri Feb 14, 2020 6:50 am

Re: Switch to private retirement

Post by admin »

How do you support that statement Violet? As women get paid less than men as due minorities. This means, since they are discriminated against/sexism, in the workplace, their income is lower so is the amount of money they contribute to Social Security as well as other retirement plans. So how can women be getting more benefits? Even in a private system they would get less too unless the wage gap is fixed.
Violet Middleton wrote:
Tue Mar 10, 2020 8:30 am
Also, the first thing we should do if we are going to fix the system is to make benefits indexed to life expectancy. Not a private system. Currently women have an enormous benefit advantage, especially compared to black males. Also this extends to those who are well educated and who earn more. So basically well educated white women exploit poor black males to get a much larger life time benefit in their retirement as well as social security.

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