Yes..., it will work.
Think about it. Thirty years from today a major portion of the people who are retired now or are retiring right now will have passed on. Twenty years from now probably close to half of them would be gone.
For that reason, people forty years from retirement would have to pay very little to support today’s retirees. Who pays the bulk of funds to the federal government in the way of taxes now? Isn’t it the wealthy and people who make the most money, generally at the end of their careers? Of course it is. Young people generally pay in very little in the first place. It’s generally not until you’re in your early thirties before you’re contributing significant funds into the system. So in reality, that wouldn’t change much. If anything early arrivals in the work force would get a break. They could start saving for themselves earlier, without having to support the retirees.
Those closest to retirement today, would continue to pay their full load. On a sliding scale back farther from retirement, people would be notified they would receive less (if government employees), and would have to pay in less.
In forty years, SS, Medicare, and government retirement plans should be gone.
I do think the military should continue to get retirement. I do think some categories of a national security nature and law enforcement should get some small retirement. But the majority of the retirement funding should come from a person’s own accumulation of wealth over a lifetime.
“I do think the military should continue to get retirement. I do think some categories of a national security nature and law enforcement should get some small retirement. But the majority of the retirement funding should come from a person’s own accumulation of wealth over a lifetime.”
Which would make them personally responsible to wisely manage that wealth...shocking!