A developed country has the responsability of caring for elderly citizens. Retirees were the working class of the past decades and are the basis on which our current society is posed. However, social security system is in distress because of the low growth population rate. For this reason, in my opinion, people should integrate the financial support they receive from the government with private savings.
A well developed social security system caracterizes a civilized society: in fact, people should contribute with their taxes to the well beeing of the more fragile classes. Western countries have a so called pay-as-you-go social security system: in which workers with their contributions provide the resources needed for pensions. Everybody should be entitled to retire after 30 years of work and get a pension, enjoying his retirement. Unfortunately, in today society problems caused by the low growth rate of population are causing an increase in the retirement age and in the amount of the minimum social pension. Today workers are fewer and fewer, and the taxes they have to pay are exorbitant. Due to this aging process our social security system is collapsing.
In order to reduce taxes, in particular far right parties are asking to substitute the pay-as-you-go system with a system based on capitalization, where each individual invests his savings and is entitled to get them back when retired. In my opinon the only possible solution could be an hybrid system partially financed with private savings and partially with taxes. This scenario would still imply a reduction in taxes paid by workers, but at the same time would also defend substain the less fortunate classes: those without enough resources to to save due to low wages or numerous families.