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Originally posted by: Mavdog
Two questions actually.
The first was should everybody have access to a 401 account? I believe they do, either thru employer run (401k) or individual (IRAs) tax deferred accounts. The concept of the medical accounts Bush spoke of also seem to have some future value retained in the unspent monies, but that's not going to help these poorer folk...
As for the second, should poor people be forced to participate in the SS, with a personal savings rate for the US close to zero I would argue the state run program is better.
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"Possibly" everyone may have access to a 401K account. However everyone does not have excess dollars to put in that account. However there is a forced taxation that is enforced on those people as well as their employers that is 12% of their income.
The question stands, should not those people have the opportunity to invest that taxable income into a 401K account that they will own versus being beholden to the government for their retirement.