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Many people are terrible at saving. This is a problem for society, because a bunch of unhoused older people will cause big problems. societal tools that force
by itake 2y ago
Many people are terrible at saving. This is a problem for society, because a bunch of unhoused older people will cause big problems.
societal tools that force people to save (Social Security, mortgages, opt out 401k) are great for addressing this issue.
- wenc 2y agoRight, and Singapore has the CPF system which entails mandatory contributions from employee and employer. This is supposed to be preventative of poverty in older age. So the 99 year lease isn’t an issue in practice. We have social security in the US which isn’t quite the same. Not sure if the public will ever accept CPF type systems — might feel too paternalistic to Americans.
- lttlrck 2y agoMaking 401K mandatory? With a minimum percentage? Yeah I wonder how that would go but if it meant you could opt-out of Social Security maybe it could work.
- itake 2y agoThey changed the law for 2025 so that new 401k by default are 3%. You can opt out tho
- deleted 2y ago[deleted]
- itake 2y agoMy issue with the 99 year lease, is it’s harder to pass down wealth to your kids, as there would be no home to give.. Maybe as a society, less generational wealth is a good thing.
- mullingitover 2y agoI think inherited wealth is downright cancerous to society. Ideally, we want to promote the most talented people into the positions where they have the most power and can wield it wisely. With inherited wealth, we instead give huge advantages to, not the talented, but the lucky, and we end up with incompetent leadership who are able to simply buy power with an inconsequential fraction of their wealth. When power is bought and not earned, you end up with people who do idiotic things with power. Eventually the society rots from within and is toppled by more efficient groups.