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Quote 620

Hence the man who does not provide for his old age will become a public charge. Compelling him to buy an annuity is justified not for his own good, but for the good of all of us.(They become a charge either by charity or by state aid, nobody likes seeing the poor and if someone else gives charity, we all benefit)

Pensions can be a good tool, but the government can force participation or force participants to keep money in them when they may have a better use for the money.

Here are some downsides.
1) You may not make it to a pensionable age. In which case its just money for someone else.
2) The money is locked away, so you can't buy property or start a business.
3) Money may not be worth then what it is now when you come to take it out. ( ratio of workers to dependants in the economy will send wages sky-rocketing, also resources are in higher demand from population growth)
4) Money is not mobile if you wish to live in another country.