Chilean Social Security -- a Plan?

boortz.com:

"Today in Chile workers pay 10% of their pretax earnings into their own retirement plans. They can elect to pay an additional 10% in pretax earnings if they wish. The companies who manage these funds are prohibited by law from engaging in any other type of business. The sole business purpose of these companies is to take these privately owned retirement accounts and grow them. If they die before the retirement age the money goes to their families. If Chileans live to retirement age they have three options:
Purchase a family annuity from a life insurance company.
Leave their funds in a personal account and make monthly withdrawals adjusted to match their life expectancy.
Any combination of 1 and 2.
The government steps in to guarantee a 'minimum pension' for people who have worked at least 20 years and who's benefits don't meet the minimum monthly amount required by the Chilean law.
In Chile 95% of workers participate in the private plan. In America 100% of workers don't have that option, and the AARP is doing everything it can to make sure they never do.
Thanks, AARP. If younger Americans ever figure out what an enemy to their financial future you truly are things may change and you may lose that grip you have on government"

Interesting article. I'm not so much interested in the trashing of AARP as the Chilean plan. It seems that we should investigate the plan thoroughly.

If someone else has "experimented" in the world we should take note. The Democrats who love Socialism should look to the countries who have the system in place and recognize its failures. I'm not saying what another country does will work here (Demogogs take note). WE ARE AS DIFFERENT FROM EUROPE AS THEY ARE FROM US.