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Quote by: SoylentGreen  The government can't be trusted to save for you its just not where there priority is.
There should be schemes where people can save for themselves.
Say 1 to 5% of your wages go into a bank saving scheme which is then topped up by an equal amount by your employer.
And the employer should pay this on a compulsory basis after all it is your life and energy that you are putting into making their business profitable.
And the government should also put into the savings through a tax break for those who choose to enter into the scheme.
That gives people an incentive to save and in the long run is a better way to spend the tax dollar.
It does have the problem though in that employers will say its a pay rise for the worker and those on low income will still find it difficult to save. |
Roth IRA's are designed with something like what you've mentioned in mind. Employers do not contribute to it, however, every American citizen below X amount of income (I forgot the exact number) can have one. There are advantages as well with a Roth IRA to help these lower income people get on their feet, such as interest free home loans, borrowing against your initial contributions without penalty, etc.