Pretty much, the model of social security was built for people living less than they actually do and the formula included more people being born, so the numbers came out wrong and now society and real lives are in trouble. Didn't they studied maths at school loool!
I think that it is better that people can control their retirement money themselves as long as they are responsible with it. I like the option to choose where my money goes. Can you take a pension plan with you if you leave a job or does it always stay with the company?
You need to define the type of pension. There are definitely pension plans that allow the employee to take the funds with them. For example, a cash-balance pension acts like a traditional defined benefit pension in that the employer credits the employee with "cash" and pays a set interest rate. After a vesting period the employee can take a lump sump with them and roll it into an IRA. Once they hit retirement, they can set up different types of distribution options like a traditional pension plan. A traditional defined benefit pension is not portable. It stays with the company.
