Even More Forced Savings

Of course, another concern is that at some point the "forced savings" plan will cease to be that, or at least become more "flexible." Pressure will exist to start letting people borrow against their equity, or to withdraw early for reasons-other-than-retirement (medical bills, tuition, first downpayment, etc...) as currently exists with all the other tax free savings vehicles. And, yes, here's where the personal responsibility crowd gets to scream "well, if you don't save for your retirement then tough titties!" But, it's one thing to expect able-bodied individuals to pick themselves up off their feet after bad luck and bad decisions have left them pennyless. It's another to expect not so able-bodied 75 years olds (and their spouses) to do the same. The fundamental question is how do you deal with the prospect of millions of destitute seniors? We answered that question long ago - Social Security.