Wednesday, March 16, 2005

SO MUCH FOR SAVINGS DISCIPLINE

Brendar Miniter makes the compelling case today that the Social Security system is in need of an overhaul. His argument uses his own personal case as the rationale -- e.g., while financial planners suggest that all workers begin to plan and save for retirement the moment they begin working, Social Security ignores your income for the first 10 or so years of your economic "life", basing benefits on your highest 35 years. Normally, this would be your last 35 years.

He makes the effective argument that personal accounts should be allowed so that all workers can begin to save from day one, not day 3,650.

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