Brainstorming with an online Real Wealth of Nations book group–we came up with an alternative to the 401K. Our idea would be a 401CARE account and like its sister 401K, during your lifetime, you would be able to save/invest in caring in your community and at retirement, be able to draw out from this ‘caring account’ to assist you as needed in similar types of activities.
The 401Care account is a lifetime of registering the caring activities–volunteer work/unpaid work that benefits the community at large. Then when you are older/in need, you can ‘dip into your 401 care account’ to get the help you need. This would need to be ‘nationally’ recognized and registered so it is transferable from community to community–but it should be doable–and it would enable us to get out of the delusion that only money=wealth and into discovering that a ‘real wealth’ world of caring for each other and the planet is a much better world to live in!
What’s great about this is that even our young children could start depositing into their 401CARE account. Imagine a 13 year old who volunteers at the local pet shelter once a week or a 17 year old volunteering at a senior center to read to blind residents 2 hours a week. We would be teaching our children that they’re a vital part of the community and that their actions of caring make a difference in the world–and they count towards their future needs too. As they build their 401CARE accounts–they also know they’re heading into adulthood connected to a community that will care for them in times of need.
Could you only withdraw from your 401CARE account after age 65–such as is true with Social Security–and many 401K accounts (without tax liability?). No, that’s the beauty of a 401CARE account! Imagine you start regularly depositing ‘caring activities’ (which means you’re actively involved in improving your community through volunteering) at age 13. Suppose at age 39 you have a major life crisis–you’re in a car accident and as a result, can’t work for 6 months. You need daily care at home until you’re mobile again. You could access your 401CARE account at this point and use it to get the ‘care’ you need without having to pay thousands of dollars–money that is now tight because you’re not able to work. Thus 401CARE is a safety net throughout your life! And of course, as in the scenario above–once you’re back to work, you would then resume depositing caring into your 401CARE account and may not need to access it again until age 70.
401CARE–an idea whose time has come? What are your thoughts? Please comment and let’s discuss this!
