Most Americans, including working class Americans, could retire millionaires…if we fixed Social Security. Instead, we are facing a financial crisis when Social Security runs out of money in the mid-2030s and are forced to decided between massive tax increases or major benefit cuts. There is a country that’s a peak into our possible future if we start making smarter choices. Australia enacted major reforms to their retirement system in the 1990s that are just starting to bear fruit. Their superannuation system, though flawed in some ways, shows just how much better a market-based system of individual accounts would be for retirees.
What is the Social Security Trust Fund? When is Social Security suppose to run out? When did we attempt to fix our Social Security problem? What is superannuation?
Further Reading:
Millennials and Super: The Case for Voluntary Superannuation, written by Simon Cowan
Social Security Is Running Dry, And There’s Only One Politically Viable Option To Save It, written by Patrick W. Watson
Fixing Social Security, Commentary from Michael Tanner
Related Content:
Social Security vs. Private Retirement, Antony Davies
Bringing Wealth to the Poor (with Michael Tanner), Free Thoughts Podcast
America’s Middle Class Gets More Welfare Than the Poor, written by Michael Tanner
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