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Social Security Reform Essay

826 words - 4 pages

I believe our current social security system should be replaced by a mandatory private pension system. If it is not gracefully transitioned from the way it currently is then it will unfortunately disappear altogether in an abrupt fashion. A replacement will alleviate this issue and replace it with a viable option that can sustain itself.
First let us get into the numbers. If we are just looking at the retirement benefit and not disability or Medicare then our current system is barely balancing. In 2012 the total amount of income was 731.1 billion and a payout of 645.4 billion. With still more baby boomers to come this cannot be sustained. Also, how are we to know when the next baby boom ...view middle of the document...

Which means that we are currently paying for them. This is not necessarily a bad thing but then where will our funds come from if they are even around at all. This is why a private system would be more beneficial. If your retirement depended on your contributions then this wouldn’t put a burden on anyone else and would motivate you into making better decisions and working harder for your retirement.
I believe there are some things right about our system. It should be mandatory. Trying to tell a twenty something year old that they need to save for retirement is no easy task. If we leave it up to them they will only realize this once it is too late. The data from the MIT can shape how we would contribute. You shouldn’t have to contribute if you are not currently meting the living wage guideline. As what good does retirement do for you if you can’t survive today for tomorrow. Once you reach the living wage guideline then a certain percentage should be mandatory. You will also be able to pay more into as you see fit. Guidelines will be in place so that this contribution may not be abused for tax purposes. There is a caveat to this, if you are a secondary income in the house you must...

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