Posted on 01/30/2014 1:59:09 PM PST by Rusty0604
You can put away as little as $5 a paycheck. Let’s see...$120 a year...for say, 50 years...that’s $6000! THAT’LL help you breeze through your retirement years! And that’s $6000 in future dollars. (The inflation will eat up any interest you earn, plus some.)
This makes no sense. The Roth IRA is a terrific retirement plan. The only problem is those CDs are paying next to 0 interest, so there’s no “power of compounding” and the funds don’t grow.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
http://www.archives.gov/exhibits/charters/declaration_transcript.html
—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
Retirement experts are underwhelmed. “It’s just a start. It is by no means a solution on its own,” says David Madland, a retirement expert at the Center for American Progress, a liberal think tank closely associated with the Obama administration. The program is voluntary for employers too. And the Obama administration acknowledges that it doesn’t yet have a commitment from any employers to offer the program.
Another problem: Most workers won’t save adequately for retirement, many retirement experts say, unless they are automatically enrolled in savings programs and forced to opt out if they don’t want to save. MyRa is completely voluntary. Others worry that savers can withdraw money freely. The possibility that savers will deplete the accounts before retirement makes MyRa a “woefully inadequate response to the retirement crisis,” says Teresa Ghilarducci, a retirement specialist at the New School for Social Research in New York.
http://bigstory.ap.org/article/guide-obamas-plan-retirement-savings
Wasn't that the idea behind privatizing some of social security back in the Bush days (2%)?
Democrats cried foul at that idea because of the fear that the stock market would go down and people will lose money if managed privately.
But hey, that was then and this is the Big D now, so it's okay today.
-PJ
The money will go into the same lock box as Social Security.
“Secure until the day you die...”
modify it so a portion of the social secuirty goes there instead of this new scam.
from FReeper Dahoser on a thread yesterday...
He’s laying the groundwork for confiscating 401(k)’s and moving to the government-run Guaranteed Retirement Account put forth by Columbia professor Theresa Ghilarducci:
http://www.sharedprosperity.org/bp204/bp204.pdf
and this from Jane Long (h/t WhenIfHow) from same thread...
Check your 401K and Retirement Plan! Plans being switched to ALL Government Bonds without Approval. Finding out by Retirement End of Year Statements
http://sherriequestioningall.blogspot.com/2014/01/check-your-401k-and-retirement-plan.html
http://www.freerepublic.com/focus/f-news/3116914/posts?q=1&;page=51
The scam business has been good for the government, especially lately.
“I hope that fear can make us all get real. The coming retirement income security crisis is a shared problem; it is not caused by a set of isolated individual behaviors. My plan calls for a way out that would create guaranteed retirement accounts on top of Social Security. These accounts would be required, professionally managed, come with a guaranteed rate of return and pay out annuities. This is a sensible way to get people to prepare for the future. You don’t like mandates? Get real. Just as a voluntary Social Security system would have been a disaster, a voluntary retirement account plan is a disaster.” Teresa Ghilarducci
http://www.nytimes.com/2012/07/22/opinion/sunday/our-ridiculous-approach-to-retirement.html?_r=0
Hmmm,,,,
Need to start washing out mayo jars after I use the mayo in them...
and dig some holes in the back yard...
***I believe this is the first shot across the bow of confiscating our IRAs.***
Totally agree. The Socialists have surveyed the landscape of all privately held wealth - both business and private. Wealth that has already been taxed. The Government is looking to loot every cent from working & retired citizens; to pay for the paper funny money it is recklessly printing.
The Socialists looked at health insurance reserves and came up with an excuse to control those funds. The next item up- after IRA’s- will be life insurance policies.
Just received a notice that my Medigap premiums are going up because Medicare deductibles are being increased. Anyone who believes that Medicare coverage is ‘free’ is misinformed. Part A (hospital) deductibles are very punitive and Part B (physician services’) 20% co-insurance is not cheap. Additionally Medicare’s premiums for Parts B & D cost several hundred dollars a year.
For those retirees with IRA’s - who planned ahead and/or continue to work - the Government actually mandates that they make annual, minimum withdrawals ( I believe after age 70) another way to tax the proceeds.
Even if you buy the "only" 2% baloney, price inflation will be compounding.
“If you like your 401(k), you can keep it.”
If I was playing dictator for a day, here is what I would do. I'd create a super IRA that allows both types of contributions and set the limit to the SEP limit that is currently somewhere around $50K. If your 401K plan sucks at work, you can direct them to make contributions directly to your accounts if you want the tax deferment.
That's why the government must kill it.
The next step will be a requirement that a portion of all retirement funds be ‘invested’ in MyRAs. Those funds will be handled with the same responsible and prudent manner as Social Security surpluses have been handled for decades.
I like the part if you want to withdraw your savings you can without paying taxes. What????
So IRS won’t take their cut when folks decide they want to empty their MyRA to go on cruise or buy a car or blow it all in Vegas?
Let me do that with my 401K and I would empty it today.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.