2007-03-18 07:54:42 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Should it be the responsibility of the individual to plan and save for their retirement? Should the pension system be scrapped? Or is it crucial to maintain to support millions who live paycheck to paycheck unable to save for their retirement?
Are higher taxes the answer in order to provide a livable pension for seniors? Should children/relatives of these seniors cover the costs?
Let me know what you all think! :-)
2007-03-18 08:00:48 · update #1
Yes, but only if it were guaranteed. The problem with leaving retirement income up to each individual is simply that most people will procrastinate and spend everything they have today, leaving nothing for savings. In the end, the government would end up subsidizing them anyway with welfare and other social programs. So I guess it's a matter of pay now or pay later.
2007-03-18 08:04:53 · answer #1 · answered by crazydave 7 · 2⤊ 0⤋
Frankly, no. Here in the U.S., at least, the best way to make sure you have a larger income after retirement is tax-free growth via something like an IRA, a 401k, or other tax-advantaged plan. Paying the taxes to someone else so that they can invest the money without any of my input as to where it's put and how it can grow seems inefficient, to say the least. With an IRA or other plan, I can direct where I want to invest the money, if I want it in stocks or funds or bonds or real estate, etc. It's much more flexible, it increases my retirement income, and incidentally, reduces my reliance on government pensions like Social Security, relieving the tax burden on everyone. Why wouldn't you rather do that?
2007-03-18 14:59:56 · answer #2 · answered by zjricks 2 · 0⤊ 0⤋
I would not pay higher taxes for the promise of a larger payout in the distant future. In the future, I could be dead, or the promises could disappear.
2007-03-18 15:05:32 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
If you mean a government subsidized pension plan, look at what a poor job they have done with my social security taxes already.
No way !!!
2007-03-18 14:58:08 · answer #4 · answered by ©2009 7 · 1⤊ 1⤋
Absoutely not, do you read the papers or listen to the news? There are NO guaranteed pensions today, not even Social Security.
2007-03-18 15:02:22 · answer #5 · answered by barbara 2 · 0⤊ 2⤋
Why not let me keep my money and decide if I want to save it for later?
2007-03-18 14:56:58 · answer #6 · answered by FCabanski 5 · 0⤊ 2⤋
no..because i need to survive today. average person doen't make it to 75 anways.
2007-03-18 14:57:53 · answer #7 · answered by Anonymous · 1⤊ 1⤋