[ExI] The ultimate test of your transhumanist convictions...

[Ross Evans]

On Thu, Jun 24, 2010 at 10:18 PM, BillK <pharos at gmail.com> wrote:

> On 6/24/10, Ross Evans wrote:
> > I'm 30, have no pension plan, nor any
> > intention to burden myself with one. Indeed, for those
> > transhumanist/singularitarians in this age group, the ideology confers a
> > distinct economic advantage; the ability to turn their backs on a
> fiscally
> > unsustainable ponzi scheme, the need for which technological progress
> will
> > obviate. Capital that would otherwise be deployed into such schemes could
> be
> > more usefully employed in gaining new skills, travelling, and investing
> > inthe very companies that will build the future they want.
> >
> >
>
>
> You should always have a Plan B.
>
> In the present economic crisis there are many problems attached to
> pension schemes and investments of any kind really. Especially as
> broke governments are looking to take over pension schemes (i.e. steal
> them).
>
> But basically a pension scheme is just a wealth accumulation plan,
> deferring present spending and accumulating the deferred money to
> spend when you are no longer able to generate much income yourself.
> Anything could be called a pension scheme if it ends up providing
> capital to use when you are too old to work.
>
> Even if Kurzweil's accelerating change takes off, it is always handy
> to have some capital accumulated. If it turns out that you don't need
> a pension, the capital could still be handy to buy rejuvenation drugs
> or treatments, etc.
> (And accumulated capital tends to attract females).  ;)
>
>
> BillK
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Productive deployment of capital now will always beat passive investment for
the future. Pensions plans are the only way a person on average income can
ever hope to accumulate a fund big enough to provide a meaningful retirement
income. These plans basically involve playing the stock market, and as such
their performance cannot be guaranteed. The reality is that people on
average incomes cannot afford to set aside a sufficient amount of capital
for a retirement plan that does not resort to casino capitalism to make
returns. The whole pension system is predicated upon actuarial assumptions
that no longer hold true; it was never envisaged that people would live 20+
years beyond their retirement age, and this flaw now represents a risk of
systemic failure in the pension system, especially in Europe. I'd say if
you're 30 years or more from pension age, putting capital into a pension is
likely to be a bad financial decision.

Ross
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