Skip to comments.Recession hits nest eggs; US promotes ways to save
Posted on 09/05/2009 1:57:51 PM PDT by RatsDawg
The recession has eaten into people's nest eggs so the government is promoting ways to make it easier to save for retirement.
One initiative that was outlined in his weekly radio and Internet address Saturday will allow people to have their federal tax refunds sent as savings bonds. Others are meant to require workers to take action to stay out of an employer-run savings program rather than having to take action to join it.
The new federal steps, which do not require congressional action, include:
_Making it easier for small companies to set up 401(k) retirement savings plans in which all workers are automatically enrolled unless they ask to be omitted. Employers can set default amounts of each worker's pay perhaps 3 percent to automatically be deposited into the accounts without being taxed. Workers can raise or lower the contribution levels, and they choose how to invest the money. They will pay taxes on the money only when they withdraw it as retirees, when their tax rates are likely to be lower than when they are working full-time. A similar process would apply to savings plans called SIMPLE-IRAs.
_Allowing such plans to automatically increase the amount that workers save over time unless the workers object.
_Allowing people to check a box on their federal tax returns asking that any refund be sent as a savings bond. More than 100 million U.S. households receive refund checks each year, and many are promptly cashed and spent.
_Allowing workers, when leaving a job, to direct unused vacation pay to a retirement savings account rather than taking it in cash.
(Excerpt) Read more at news.yahoo.com ...
I keep falling for these satire posts.
Ways To Save Money: Give it to the government NOW! They’ll get it later anyway.
/sarc (possibly reality with the new regime)
Yup, put it all in those nice 401k accounts that we will soon confiscate and make into social security part II...
Satire or no... I find it offensive that
our Government could even concieve
of telling us how to conserve.
Looks like the yolks' on us.
Asking for a bond instead of cash is like asking for an IOU. Absolutely insane.
Oh yeah, says the Gov’t, “Let us hold your purse.”
If you are a small business owner, DO NOT start a 401k for your employees. Have them invest in something on their own. The red tape, regulation and BS that the government requires you to do is a nightmare. On top of that, you could find yourself in court if you do not spend enough time researching all plans to make sure that you are offering the best you can in your 401. If I could close mine up and walk away from it I would, but it is even harder to close one down.
Gives smoke and mirrors a bad name....
Here's a novel one...LOWER OUR TAXES!
I am sure we will get paid our Social Security money, just like the dealerships who participated in Cash for Clunkers...
Then they’ll retroactively raise taxes and make your bonds worthless.
Might be worth listening to if our government was stealing from us.
I can tell the U.S. how to protect its money without anything that Blabbington has to say...satire or no.
1. Never elect a Democrat as President.
2. Never elect Democrats or Leftists to a number sufficient to give them leadership in either the House or the Senate.
Watch the dough come in.
They don’t need to tell us to save, all they need to do is stop holding interest rates artificially low by printing money by the megaton.
US promotes ways to save
. . . Investing 15% of payroll in a Ponzi scheme isn't enough . . .