And lo, it came about, that on Tue, 18 Nov 2003 10:43:09 GMT in
rec.crafts.metalworking , Gunner was inspired to utter:

Chuckle...it should be torn down, then replaced with individual
retirement/medical accounts. Hows that?

Should follow the Chilean model.

All those who are retired will continue to get their pension from the
government. Those close to retiring, too. If memory serves, there was a
sliding scale depending on how close to retirement you were.

Everybody else got a choice of pension planning. You were required to open
a pension account and fund it with a percentage of your income (there was a
maximum limit as well.) The were (I think) 14 funds vetted by the Government,
and you had your choice. You could pile up money now, retire when you were
fifty five, and take up fishing. Or you could pile it up, then keep working
till you got "old". Or variations on those theme.
But it was _your_ money in the pension plan, and your heirs got what was
left.

Oh yes, when the change-over was made, there was an option to get the
government pension anyway. This was chosen by an extremely small number of
people, mostly Socialists.

If the last few years have been any indication, by the time Im of
retirement age in 12-15 yrs..I doubt there will be any money in the
kiddy anyways. Im stocking up on the more tastey varieities of dog and
cat food, just in case. Ive already picked out my refridgerator box.

--
pyotr filipivich
The cliche is that history rarely repeats herself. Usually she just
lets fly with a frying pan and yells "Why weren't you listening
the first time!?"