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Life, Liberty, and Retirement Pensions

https://fee.org/articles/life-liberty-and-retirement-pensions/

fee.org

Life, Liberty, and Retirement Pensions
The right to acquire property is a staple of liberal political theory. But why would anyone bother accumulating property? If my monthly expenses are a thousand dollars, then what use could I possibly have for any monthly income larger than a thousand dollars?

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The State-run “social security” programs ...

The State-run “social security” programs ...
... violate your rights to plan your retirement. Your Social Security taxes pay benefits for today’s recipients, and theoretically, tomorrow’s workers’ taxes will pay for your benefits. That's very different from investing because it doesn’t encourage responsible attitudes toward saving for the future. It is also far less profitable.

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Considerations against a Statist model Retirement plan.

  • You do not choose whether to participate.
  • You have no say in how the money is to be invested. Even modestly performing mutual funds yield higher returns.
  • You cannot withdraw in response to poor performance and pursue a highly effective one.
  • Government insolvency is a big concern.
  • Decrease or removes the need to learn prudential savings and investment habits. The average worker cannot readily afford to pay into both the government and a private retirement plan.

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Social Security as Entitlement Program

The current system is an entitlement program in which everyone gets to claim a retirement pension from the state (that is, from working taxpayers), regardless of whether they’ve been industrious and thrifty. 

You are not saving for your retirement at all; you are paying for the retirement of others, and hoping that later on someone else will pay for yours and that someone will manage this system efficiently.

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Positive and Negative Rights

Positive and Negative Rights
  • Positive rights entail the duty of others to provide that which is being claimed.
  • Negative rights entail the duty of others to abstain from interfering with the pursuit of what is being claimed.

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The positive and negative right regarding retirement.

  • The right to save for one’s future is a negative right: Others must refrain from interfering with my accumulating and investing property.
  • The Current Model seem to have positive rights to a retirement pension: Someone has a duty to support me in my retirement, even if he does not wish to do so and without regard to whether I’ve been thrifty. 

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Financial independence and retirement

The right to financial independence needs to be asserted—the right to work, exchange your labor for money, and to control the fruits of your labor

This necessarily includes the right to plan and save for your own retirement, free from coercion or interference.

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SIMILAR ARTICLES & IDEAS:

Uncertainty of Social Security and Pension Benefits

  • The aging population is causing fewer contributors.
  • More people are retiring due to increased longevity.
  • Corporate col...

Unforeseen Medical Expenses

Old age typically brings medical problems and increased healthcare expenses.

Living out your retirement years in comfort while also covering your medical expenses may turn out to be a burden too large to bear.

Estate Planning

Without a well-planned retirement nest egg, you may be forced to liquidate your assets in order to cover your expenses during your retirement years.

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Early Mistakes, Late Start & Future Hurdles.

Savings and investments should be part of a monthly budget even when young or just starting a career.

You cannot save enough if you are waiting until your late 30's before...

Myth vs. Reality in Retirement Planning

  • I’m not that old:  It’s not about NOW but saving for your old days when you can no longer work full time. 
  • I’ll wait for a lump sum is just an excuse to postpone planning or procrastinate.
  • Assumed Family/External Support: It’s better to be prepared for eventualities and have contingency funds in hand.
  • Financial Requirements Decrease: Medical costs increase with age. Inflation and other factors might also come into play.
  • I will not live that long or I won’t retire: People tend to live longer, but they will suffer from medical ailments.

Retirement Goals

To have a secure and financially independent retired life during your golden years with regular post retirement income, a corpus of savings/investments and a safe shelter or home.

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