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also those program give the gov an incentive to kill it's old people faster
During all the speculation about the origins of Covid, I couldn't help thinking about how it was killing exactly the population that's most inconvenient to the government.
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Same for companies with pensions, especially in blue collar settings. Get the older employees with many years vested to handle any harsh chemicals or make anything else excessively difficult. Any system that doesn't put the individual solely in control of their savings is BS. Institutions cannot be trusted.
There was zero chance defined benefit pensions were going to be managed well. It's just way too easy to over promise and under deliver. Plus, as you note, the incentives are completely perverse.
I would certainly prefer if people were just trusted to manage their own finances, but if we can't have that, at least defined contribution retirements are inherently solvent.
Public sector pensions are immoral
Exactly, those institutions got unaligned incentives as well.
Social security and any gov retirement program are big scams. If you understand how inflation work, but also those program give the gov an incentive to kill it's old people faster so they don't have to get paid back their fair share invested