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> The biggest problem is the rich have created a system in which people's future (retirement) is basically linked to "the market" growing over their lifetime.
by rr888 4y ago
> The biggest problem is the rich have created a system in which people's future (retirement) is basically linked to "the market" growing over their lifetime.
Not really, half retired Americans live off Social Security alone, and another big chunk I'm guessing a quarter rely on it. Many others have property, business or keep working. I'm guessing its about 10-20% of Americans really have enough 401k savings to live off.
- PeterisP 4y agoI don't know much about details of the USA Social Security model, however from what I recall doesn't it effectively require continued economic growth to plausibly be able to pay out what it should without significantly raising the starting age to decrease the number of years it pays out?
- rr888 4y agoThere is definitely a problem with people living longer and bulge of baby boomers. There are alternatives to fund this such as raising taxes or debt, but yes likely people will have to work longer if they keep living longer.