Very interesting. Bush seems to be moving towards a model that Singapore has had for a long time : the Central Provident Fund or CPF for short. Of course, our model is more all encompassing and entrenched, but your leader seems to be sympathetic to this sort of thinking in principle.
In the CPF model, citizens are forced to put aside a hefty portion (a fixed percentage, dependent on salary bracket, I'm paying nearly 20 %) of their pre-tax salaries into government administered accounts. This money cannot be withdrawn even in part before the age of 55, and under recently introduced laws, cannot be withdrawn completely *ever* unless citizenship is renounced.
CPF money is supposed to support the elderly when they become economically non-viable and their dependents don't support them. Our government doesn't want to be stuck with the encumberance of looking after a massive load of aging people (who've slogged for the nation in their best years) with a welfare scheme, so they have this. There are some allowances in the use of CPF, for instance, investing in property is allowed using CPF monies, but replenishment of CPF is mandatory, with interest. The CPF can be used to invest in blue chip shares (non-speculative) but all dividends and capital gains have to come back into the CPF.
How does your intended system compare ?