There are three problems with us going to it.
1. Yeah, there’s around twenty million Americans who depend on social security entirely, and basically have a check for $700 a month, which just gets them to a half-way marginal lifestyle. The fed guys don’t want to admit it, but these folks are screwed completely, and are in survival status with that marginal check.
2. You can’t find a single senator who will go into a forum and debate the merit of staying with social security or going to a private pension. None of them are bright enough or competent enough to debate it...either way. They depend on lobbyists to guide their votes.
3. Finally, you really need to think long-haul if you go to a private pension. That means you, the private guy, accept one recession every eight years, and plan to just live with it. Most folks aren’t that capable, if you ask me.
I’ve enjoyed the IRA deal, and the gov’t TSP deal. In fifteen years....I’ve grown zero to $160,000. No, I didn’t go ultra risk...I just simply played better odds only. I think any guy, with some decent understanding, can do as good a job as some Wall Street joker.
Good points; many on pensions are getting screwed as well since the gov’t. under-reports inflation to temper COLA increases for both. Somehow just about everything has gone up in price (except the nest-egg homes that retirees needed to appreciate), and the news gleefully trumpets “Thankfully we don’t have inflation”.