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URL:  http://boards.fool.com/quotthe-reason-usians-have-no-retirement-savings-30771151.aspx

Subject:  Re: Proposal to end public pensions Date:  7/11/2013  1:58 PM
Author:  jgc123 Number:  428507 of 465351

"The reason USians have no retirement savings is because they chose not to save for retirement"

That is one my points. Regardless of how well you or I did, public sector employees won't do any better on average than private sector employees did. For the majority of U.S.'ians 401(K)'s and IRA's did even worse than pensions for the private sector. There is no reason to believe the average public sector employee will do better on average.

If large numbers of people find themselves in the same position as they did in 1930, they will still need to eat, feed families and receive healthcare.

As for you, where would your above average returns be if there had been no bailout and a 90% drop in the indices? Where would a person following your exact path be if he were 10 years younger when the crash hit? What about all the people who did everything you did but simply had crappy employers, crappy plans, and no opportunity to earn bonuses?

Yes, SS is both a retirement plan and a reditribution plan. The $30,000 worker, public or private, gets back a higher percentage of his lifetime contributions than I will get. But he also had much less ability on average to save additional income than I have had. The system needs tweaking, but I would not throw out the baby with the bath water.
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