The poor and many middle class don't have much disposable income to open a private retirement account.
The markets, while volatile, still present the largest rate of return with an annualized rate of roughly 10% over the last 25 years, which includes the market's most volatile time periods.
As people educate themselves more, they will prefer to have that money to invest how they see fit, if they truly do care about having a retirement and not having to work at 70 years old.
The conundrum is how many people will be willing to educate themselves and take that chance, and how many would prefer to let the government do the work?
I don't see any logical reason to assume anything specific either way at this point.
I just know that at a bare minimum, it can be expected that people will opt out and liabilities will decrease.
What's the alternative? Keep raising the retirement age until people die before taking benefits?
I still say the opt out percentage among the self-employed would be close to 100%. Do you disagree?
I would probably only agree because of the fact that as a business owner, you are educated about finances and know how to make your money work for you.
Which makes my case, because the point of opting out is not to have 6% of income to buy a TV or put towards a nicer car or whatever, it's to be able to get the most out of your money for your retirement.
I'm curious though...If you think that allowing for opt outs would cause the program to die and that's why you don't want that to be allowed, why would you opt out?