Perspective The future of social security By Masako Yamada	フレームで見る  英文をプリントする  脚注をプリントする
社会保障制度の未来はいかに 70年ほど前に創設された米国の社会保障制度は今、日本の年金制度同様、破たんが懸念されています。 この危機を乗り越えるため、ブッシュ大統領は国の財政負担を軽減する改革案を提示していますが、 これは同時に老後の資金確保の一部を個人任せにする内容になっています。 これからますます個人責任が問われる時代になりそうです。

I believe most people worry about their post-retirement future. What can I do to be an active and healthy senior citizen? Do I want to live in a nursing home? Will I die alone? As a young adult, my worries in this area are still vague, but from my early 20s, I'ｖe been practical about one topic related to retirement. I have been doing my best to make sure that I save enough money.

インディアナ州でのタウンミーティングで社会保障制度改革を訴えるブッシュ大統領。改革が実現すれば、老後の安心を個人が確保しなければならなくなる

Americans face the same worries. President George W. Bush has been promoting the idea of social security reform. The fear is that the social security "bank account" will go bankrupt if the current system does not change. Young workers who are contributing to the current social security system wonder if there will be any money "left over" when it comes time to claim their share. Currently, a certain percentage of our pay is automatically deducted in the form of a social security tax. Bush proposes that citizens put a certain percentage of this money into private investment accounts.

President Franklin Delano Roosevelt started the social security system that is currently in place. He was a classic Democrat and believed that government-sponsored programs could help improve society. He believed that the rich should help support the poor, and the young should help support the elderly. This equalization occurs through mandatory taxation. It may seem unfair to the healthy workers who shoulder the burden, but the "payback" comes later, when one finds oneself infirm or incapacitated.

Bush is on the opposite side of the spectrum. He believes that individuals should be responsible for their own choices. I agree that it's a good idea to save one's own money for the future, but the danger in encouraging - or even mandating - citizens to invest in the stock market is that investments can lose value. Unsuspecting citizens may fall prey to shady investment schemes while fattening the coffers of financial advisers who manage their money. The key word in social security is "security." It's a comfort to be able to rely on a certain amount of income in retirement, even though one might be able to earn more through private investments.

The life expectancy in the United States is lower than it is in Japan and the proportion of young workers is higher (partly because of immigration). In this sense, the social security situation may not be as bad as it is in Japan. However, other fundamental differences between the United States and Japan make the retirement picture less rosy here.

First of all, the idea of lifetime employment went out the window decades ago, and along with it went the idea of companies offering pensions to their retirees. With workers switching jobs every few years, they cannot rely on a company after retirement. Second, nuclear families are the norm and it's not very common for younger generations to serve as caretakers for their parents and grandparents. Like it or not, seniors must live independently or rely on paid services such as nursing homes.

Even if social security manages to stay afloat when I retire, and even if I stay at my company long enough to be able to draw a pension, the guaranteed amount will not be much. That is why I have been investing money for retirement since I graduated from college. This is different from saving money in a bank account: The money is specifically allocated for retirement and I cannot touch it until I'm at least 65. Probably because the government realizes that social security alone cannot support the elderly, it offers generous tax-breaks to those who invest in their own retirement accounts.

Investing in a private retirement account is a great option for those who can afford to put away money for another 40 years, who can tolerate the risk of its losing value, and who can make prudent investment decisions. However, I think such investments should supplement, and not replace, a guaranteed social security program.

Shukan ST: May 6, 2005

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