I had this post linked on my last blog.
To me this shows the degree to which unsustainable beliefs are ingrained. The author will eat these words:
It all comes down to this--if given the choice between having more "control" over my retirement funds, and being guaranteed a certain retirement income, I'll take the certainty any time. As the years go on, and as millions realize their 401k (if they have one) is inadequate to the task, this country is going to be in some pickle!
By the way, Social Security hiked benefits 5.8 percent this month as its cost-of-living adjustment. Did anyone out there see growth of 5.8 percent in their portfolio this year? Does anyone expect such growth this year?
There are no guarantees and the burden of the socialized retirement payments are not affordable or sustainable. It has only worked so far because of the pyramid dynamic of the population and the relatively low level of government debt that once existed. A lot of things have to give and choices are rapidly declining.