POLITICAL ISSUE #405: FORCED CROSS-GENERATIONAL RETIREMENT FUNDING

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ISSUE STATEMENT AND OPTIONS FOR ISSUE #405

SOLUTION DEFINITIONS AND OPTIONS FOR:

405.1 Required Retirement Savings
405.2 Raise Social Security Earnings Limit
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ISSUE STATEMENT FOR #405: FORCED CROSS-GENERATIONAL RETIREMENT FUNDING

PRESENT CONDITION: The Social Security System has changed from an individually funded retirement trust fund to a system based on forced cross generational income transfers.

IDEAL CONDITIONS: Each person should be required to save enough during his working career to fund his retirement.

ISSUE JUSTIFICATION:

1) Individual retirement trust funds create individual savings

a) that will be invested to enhance American prosperity.
b) that create a broad sense of ownership in America.
c) that create a broad sharing of the income produced by capital and thereby promote both social unity and popular support for pro-investment policies.
d) that clearly base the individual's retirement income on his savings and thereby remove the present cross-generational social discord caused by having the government decide both the amount of retirement income and the level of social security transfer payments to generate that income.

AUTHOR: UWSA SANTA CLARA CO EMAIL:humphrey@aimnet.com

OPTIONS FOR ISSUE # 405: FORCED CROSS-GENERATIONAL RETIREMENT FUNDING

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SOLUTION DEFINITION STATEMENT
FOR
SOLUTION # 405.1 REQUIRED RETIREMENT SAVINGS

BRIEF DESCRIPTION: First each citizen shall be required to fund his own individual retirement savings fund. These funds would remain the citizen's property and would not be pooled in any government retirement trust. The following presents one way to impliment this concept. Citizens would be required to save some percentage of their income (e.g. 10%) and deposit these funds in their own personally managed investment account. The government would define a curve of investment vs age that would be expected to produce minimum retirement assets by age 65. Once the citizen's investment account exceed this minimum curve, he/she could withdraw the excess amount annually or leave some or all of the funds in his account.

Second we would gradually phase out the present Social Security System. Current retirees must be cared for and those close to retirement must realistically rely on the current system. The theft of the social security trust has cost America a generation of retirement funds that now must be gradually paid off through additional taxes on current and future workers.

JUSTIFICATION: The original social security program was based on the understanding that people should be required to save for their old age so they do not become a burden on society. However the congressionally mandated theft of the social security trust to pay retirees more than the value of their social security withholdings has created a pyramid scheme (because future retirees can never get the same ratio of payout to contributions) by spending the contributions of current workers. This forced cross-generational retirement funding scheme is completely contrary to the goals of the original social security program and against the principles of our country (i.e. no taxation without representation).

AUTHOR: UWSA SANTA CLARA CO EMAIL:humphrey@aimnet.com

OPTIONS FOR SOLUTION # 405.1 REQUIRED RETIREMENT SAVINGS

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SOLUTION DEFINITION STATEMENT
FOR
SOLUTION # 405.2 RAISE SOCIAL SECURITY EARNINGS LIMIT

BRIEF DESCRIPTION: The amount of income retired citizens can earn before any reduction in their Social Security payments shall be substantially increased.

JUSTIFICATION: With people living longer healthier lives, we want to encourage workers who have retired from a full time job to continue providing part time productive efforts to American society. Ultimately this "wind-down" retirement vs the current abrupt retirement will allow us to accommodate long lifetimes without a crushing burden of social security payments from today's workers to today's retirees.

AUTHOR: UWSA SANTA CLARA CO EMAIL:humphrey@aimnet.com

OPTIONS FOR SOLUTION # 405.2 RAISE SOCIAL SECURITY EARNINGS LIMIT

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