OMG, that’s what Social Security IS! Or, more accurately, was. But all that money was too tempting for our politicians to raid and replace with IOUs, and besides, the whole thing (like Medicare and the infamous Prescription Drug Benefit) was re-arranged into a Ponzi scheme whereby the early beneficiaries get amply rewarded and their grandchildren get shafted.

And to Jeff and the idea of mandatory savings, what do you think Social Security and Medicare are? Making people “save” something for retirement.

People do need to stop spending and thinking every time they buy something, what is the REAL COST, and do you really need it. I am of average income, and have NO DEBT, live comfortably, travel, and have WAY MORE than average saved for emergencies and retirement. It can be done—but stay away from debt!

Americans are by our very nature, reckless when it comes to spending. I would see nothing wrong with “mandatory savings”. Every paycheck would show a mandatory 10% deduction for retirement savings. If the money is taken before you have a chance to spend it, you’ll never notice it’s gone.

I’m 51 and have less than $10,000 cash. Lost my job 2 years ago. Oh yea, it’s gonna be a really bumpy ride.

I have a coworker who is 26 years old. He earns $73,000 per year. He earns more money than most average Americans do yet he spends every thin dime, every red cent and every George Washington he can find. At the end of the month, it is all gone! He recently bought two cars; one Hyundai Genesis coupe and one BMW for his wife. He sated “oh you can’t take money with you when you die” (a very typical excuse used to justify financially reckless behavior). He always thinks that he will save money “in the future” and I seriously doubt that, that day will never come.

My uncle has always lived way beyond his means. Image is more important to him and his family than anything else. Even though he is broke, he drives an expensive car (a Lexus) and lives in a huge condo. That is the way he lived and now his kids have copied his reckless behavior.

Most Americans spend away anything they earn and don’t care about tomorrow. Well tomorrow has arrived and now they have no one to blame but themselves. I hope they are happy with their expensive hand made Italian leather shoes and $90 haircuts!