Originally Posted by Sisyphus
There MUST be a way to continue paying those who have paid in the past and ready to retire while giving Xers the choice of a personal account. As a nation, we certainly spend massive amounts of $ on dumber things.
I sure have to agree with your last point. And for you, and similarly clever and highly motivated young people it would likely be a good thing.
But for many, it would be a mess. If participants are given freedom in making the investments, they will lose the money. If it is tightly controlled, the political process will see to it that the choices are very high cost and this poorly performing.
The real winners, as usual, would be Wall Street and its minions who would sell and administer this stuff.