Since everyone wants to champion Chile's social security system as ideal I looked around for some information on it. Here is an article that looks at the good and the bad details of their system:
Read on
Not surprisingly the people that invest wisely do better and those that don't are worse off. To speak in metaphor, this is a safety net with a lot of holes in it for people to fall through.
I favor increasing the age limit on Social Security and raising the pay-in ceiling upwards a little bit. Taken together the system becomes solvent for the foreseeable future without any voodoo-economic borrowing schemes.
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