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America’s Retirement Problem: Social Security was built for an economy that now barely exists - FOX News
Whether or not you like President Trump, you must admit that he does not shy away from using his business acumen to tackle America’s problems. No where is that more evident than the President’s recent mention that he is evaluating Australia’s national retirement system, seeking ways to improve America’s retirement program for future generations.
Fact is, America’s retirement system is broken. People once worked for the same company for many years, earned a pension, and took Social Security at age 65. Today, most workers stay at the same company for perhaps five years, traditional company pensions are fast becoming a past benefit, and Social Security is in trouble. In other words, the economy that once existed no longer does. Thus a new, more contemporary approach to retirement is needed, and that is what the President is now looking at – not blindly copying the Australia model, but using an Americanized version of the features that have proven successful. That includes such things as early retirement savings account which are own by the individual (e.g., “Trump Accounts”).
This FOX News article by Ted Jenkin lays out his ideas for how all of this might work. The idea is that the retiree would have access to the resources needed to provide financial health in their senior years. Click here to read about this interesting concept.