To: AmericanMade1776
Chile has an interesting and very successful Social Security system. Everyone has a private account! 10% of all wages are taken out of your total wages, pre tax. There are 5 plans that are governmentally regulated but privately managed. The companies that do the managing are limited to 1% profit. The managed funds are very tightly regulated regarding speculative investments and the percentage of speculative investment must be balanced with “stable” assets. You may move your funds around from company to company or split your funds as you feel necessary. (most don't move them) Over the last 20 years the accounts have averaged 8% per year, including this year. You may remove a small amount of the funds but the penalty is steep. Private equity management firms work when properly regulated!
183 posted on
11/06/2008 3:43:35 AM PST by
WellyP
To: WellyP
I should add: These are YOUR funds and the government may not take them or borrow againse them!
184 posted on
11/06/2008 3:44:57 AM PST by
WellyP
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