How to Fix Social Security

[mheisig]

Originally Posted by Schneed10

Too many Americans will fail to save enough for themselves. They'll then be forced to remain in the workforce until they're 80 or dead, which will take up more jobs, leaving fewer jobs for those under 65, resulting in much higher unemployment rates and much lower productivity and hence GDP. Not having some sort of organized retirement system would be a social and economic disaster.

From a philosophical standpoint, I'm 100% in agreement with you. But if there's no program to support the working poor in old age, they'll stay in the workforce longer and longer.

Why are we assuming that the people who failed to plan for retirement will still be in the workforce at the age of 80, whether they want/need to or not?

Medical, health and emotional issues will weed out a substantial number, and age discrimination aside, companies will find ways to get rid of them.

The fundamental problem with providing for these people is it kills of incentive. What's the incentive to live responsibly and manage your money wisely if the government will bail me out regardless of what I do?

Maybe if people could look ahead and see that they'll be living on the street at 70 if they don't plan ahead they'll have some incentive to manage their finances responsibly.