The idea of one having a personal pension account and being able to invest the money in the stock market might look good but comes with various challenges. Most of the advocates of the individual retirement accounts often overlook the investment risk in these accounts all financial market investments are subjected to risk. The stock market returns are highly variable from one year to the other next (Ahmed et al., 315). The market is even more variable over short periods than the returns on safer assets like the treasury bills considering the risk that is involved in this market it would not be products to put the retirement investment in this area. It might seem like an easy way to increase the income; however, the risk of losing the money is still too high and thus not a good option.

Secondly, I would not take the risk of having to pay for private health insurance after retirement. There are still many other advantages that come with the government being able to provide social security for individuals at an older age (Ahmed et al., 315). There are cases where individuals get ill and contract terminal health problems that might mean that they cannot engage in income earning activities. If one has to pay for the healthcare services individual, then the situation might be more complicated. Therefore, it would be better to keep Medicare still.

The one thing that I can do to ensure that Medicare and social security remains is to put pressure on our local leaders, to ensure that they make policies that can ensure that these services remain. The policymakers should ensure that these services are engraved into the constitutions.

Works Cited

Ahmed, Javed, Brad M. Barber, and Terrance Odean. “Made poorer by choice: Worker outcomes in social security vs. private retirement accounts.” Journal of Banking & Finance 92 (2018): 311-322.