While the origin of ownership and what it entails has been debated by philosophers for centuries, there are certain intuitions about ownership that are common to almost all people.

First, it is generally accepted that one has a right to self-ownership. Without this right, one would be unfree to make decisions or participate in society. The right to control one’s future and retirement are the types of decisions that are critical to self-ownership. Put another way, since it is your future life, it should be guided by your choices. Anything less would strip away your ownership of your future.

Second, a logical consequence of self-ownership is that one also owns the things one produces. The things one produces are like tangents to the self; by extension, those things become part of the package a person has an ownership claim to. Moreover, without an ownership claim to these items, one does not have a stake in the productivity of society or one’s role in it. This makes guaranteeing ownership rights to what a person produces beneficial to society. Since what one produces is his or her income, that means he or she owns it. Indeed, because you own your hard earned money, it should not be taken from you. You should have the final say where your money goes.

Personal retirement accounts take the theory of ownership seriously. PRAs are built around the idea that you own your future, and that is why these accounts put your retirement savings back under your control. PRAs also protect your rights to the income you own, and that is why these accounts can be invested according to your wishes and passed along to your heirs.