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I would consider a much less drastic step. Mandatory contribution of 10% of their income into an investment account and that has a maximum annual withdrawal of
by LordKano 9y ago
I would consider a much less drastic step.
Mandatory contribution of 10% of their income into an investment account and that has a maximum annual withdrawal of 1% until age 55.
If they otherwise destroy their finances, they'll at least be able to afford a place to live.
- Kluny 9y agoIn Canada we have the CPP (Canada Pension Plan) which is almost literally this, except everyone pays into it.
- LordKano 9y agoIn the US, we have Social Security and everyone pays into that but for the most part, you can't collect anything on the benefits until you reach retirement age or become permanently disabled.
- ggm 9y agoNot a bad idea. Here in Australia we call that superannuation. 9% of salary is mandatory.