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Scary Hilary Quote
Quote:
Originally posted by Atticus Grinch
Persons investing in the equities market experience on average steady growth in the value of their investments. Like that chart showing a dollar invested in 1900 yadda yadda --- in the extreme long view, it's a long uphill climb. But that doesn't mean growth is seen within every 10 year span. The problem is, there are downturns on the micro scale, and it's not so much a matter of "is there more money in 2040" as it's a matter of "pretty sad about all the folks who retired between 2018 and 2022, isn't it?" If all the folks reaching retirement age in a particular year see the last 10 years of their retirement savings wiped out, that's pretty disruptive. A lot of downside against the upside.
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Also, part of the rationale for Social Security is that people will not prudently save for their retirement. Because many such people become public charges, it makes sense to do something about them ex ante.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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