The main idea for creating SPIRAs is empowering Americans with a foundation of assets and a bigger say in determining their future. As these accounts grow it will be possible to enhance benefits to further the quality of life for the account owners. For instance, as an account becomes substantial enough to afford the essential benefits we mentioned before it becomes possible to afford a more esoteric benefit such as this:
(1) at the age of 40 or older a person whose SPIRA is meeting comfortably the
needed benefits a one time distribution from the generated interest could be
allowed to be used for anything the owner desires such as
a. travel around the world
b. opening a business
c. purchasing something always wanted
d. actually it could be used for anything at all icluding charitable donations
(2) this benefit would be a well deserved advantage to fulfill a life's ambition
It's important to remember that this benefit would be only available when all the essential benefits are met. As this is a more whimsical benefit it might be stipulated that the amount
distributed for this benefit would be taxed at a low rate of say 5%. The amount from this tax would go directly into the present SS system to help keep it solvent. So, if all goes well with SPIRAs and the accounts become large future generations would have assets quaranteed as all SPIRAs must be passed to beneficiaries. As well, if an individual's account is substantial and there is more than enough in her or his account he or she could donate to another person part of her or his SPIRA as long as the account still remains substantial enough to quarantee the needed benefits. This could happen before one's death building SPIRA accounts for more people fostering the program.
It would be nice for people to know that they will always have medical coverage irregardless if they lose their job or the economy hits a snag as these accounts must remain untouched. Not only is the principal of a SPIRA outside the reach of the account owner it should also be outside the reach of creditors as well as the IRS, etc.. Once a person establishs a SPIRA it should remain a source for affording benefits permanently giving a sense of security for the owner.
It should be emphasized again the importance of Congress accepting the fact that individuals need to be given an equitable share in determining their future. Let's be real!!! We are all disgusted with our situation now under the present way of doing things. We are all angry, and we want a real change not just ineffective and endless adjustments of the present system.
Let's hope the new Administration and the new Congress will have the forsight and imagination to make a bold move that will change the destiny of the US and its' citizens. SPIRAs can change the future while supplanting SS leaving it as is playing out its' benefit to us all. Certainly something needs to be instituted to augment SS while not diminishing it. We all have our hopes up high for something new.
Thanks, and all comments are welcome