RE: Saving Social Security

[Michael Jones <powderfinger99@yahoo.com>]

<<<<
All defined benefit pension systems in the private sector have
these three components, only the first of which is present in the
current Social Secuirty system:

1. A defined benfit formula that can target benefits to precisly
who we want them to go to---typically based on pay and service.
Social Security has this one right, and amazingly the benefits are
not too generous, and reasonable.
>>>>

The private sector is moving away from defined benefit programs
as shown by the largest corporations changing pensions to
defined contribution programs.

I think most young people prefer defined contribution plans. It
is rare today for anyone to work for a company for 30+ years.
It just isn't happening anymore. Even so, this amount of work
is not necessarily required to secure your own retirement.

All you need to secure your retirement is some amount of work,
with 40 years of compounded interest on your contributions.
The younger you start, the easier it is. Defined contribution
plans offer this.

I posted earlier on this forum a couple of links which have 
data that shows this trend.

Michael