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The Champions of the 401(k) Lament the Revolution They Started (Teresa Ghilarducci, again)
http://www.wsj.com/articles/the-champions-of-the-401-k-lament-the-revolution-they-started-1483382348 ^ | January 2, 2017 | Timothy W. Martin

Posted on 01/02/2017 11:45:22 AM PST by abb

snip

Economist Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis, says she offered assurances at union board meetings and congressional hearings that employees would have enough to retire if they set aside just 3% of their paychecks in a 401(k). That assumed investments would rise by 7% a year.

snip

Ms. Ghilarducci wants to ditch the 401(k) altogether. She and Blackstone Group President Tony James are recommending a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals. While both are Democrats, they believe their solution has bipartisan appeal.

She says she has already reached out to President-elect Donald Trump’s advisers to float the plan.

snip

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: 401k; ira; socialsecurity; teresaghilarducci
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To: KarlInOhio

Just think of the wonderful things they could do with that money!/s


81 posted on 01/02/2017 3:24:45 PM PST by Rusty0604
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To: abb

Oh HELL no!

It would work fine...until Congress raids the fund to pay for another war on poverty, or war in Vietnam, or war on drugs, or war on terror. or...

Been there, done that, got the debt.


82 posted on 01/02/2017 3:27:59 PM PST by Calvinist_Dark_Lord ((I have come here to kick @$$ and chew bubblegum...and I'm all outta bubblegum! ~Roddy Piper))
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To: DugwayDuke

I used to be the plan administrator where I worked. People were always co ing in wanting to take out some of their 401(k). I had it printed out what situations they could take a distribution or loan, and told them that I would have to have
proof to keep in my files.


83 posted on 01/02/2017 3:32:19 PM PST by Rusty0604
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To: abb

“Ms. Ghilarducci wants to ditch the 401(k) altogether. She and Blackstone Group President Tony James are recommending a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals.”

Ms. Ghilardcci went on the say that her new mandatory “savings” plan would be named “Social Security Deux”.


84 posted on 01/02/2017 3:35:42 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: rb22982

I put a lot in my 401(k) for years when I lived in CA and was in a high tax bracket. I moved to TX, where there is no income tax, and now I’m in a lower Fed bracket, so I saved a lot in taxes now that I’m getting distributions.
CA tried once to force people that worked in CA and then moved to another state to pay CA tax on their retirement distributions, but it was shot down by ERISA.


85 posted on 01/02/2017 3:38:21 PM PST by Rusty0604
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To: abb

We’re experts...


86 posted on 01/02/2017 3:56:57 PM PST by gogeo (But he's not a conserrrrrvative!)
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To: rigelkentaurus

I pay into the railroad pension fund. Instead of the 6% or so that you pay into SS, I pay in 11% out of every paycheck, with no employer match. I stopped my 401k after losing all of the gains in 2000 and 2008.

And yet, that POS paul ryan and his RINO/leftist looter buddies wanted to confiscate all of the money in the railroad retirement fund, and roll it into SS.

The RRF is administered and paid for by railroad employees. We’re exempt from SS because the railroad pension predates SS.

If the feds want to confiscate that, then they also have their sights set on your 401k and IRA plans.


87 posted on 01/02/2017 4:20:43 PM PST by factoryrat (We reserve the producers, the creators. Grow it, mine it, build it.)
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To: abb

“...a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals.”

Uh...how about...Oh, Hell No!

The notion that government does ANYTHING better than the private sector (apart from national defense) is simply WRONG. History bears that out.

Social Security was a Fed Sanctioned Ponzi scheme. A private citizen crafting the same model would be in prison.
And, these a$$clowns now want an obligatory, mandated savings program? No.


88 posted on 01/02/2017 4:22:54 PM PST by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2017; I pray we make it that long.)
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To: abb

Hitlery said she was going to nationalize our 401k’s but she lost so the minions and RINOs are going to try for it. They had better be sure to make their guards are exempt or their tax paid Caligula like orgy may end like his.


89 posted on 01/02/2017 4:51:57 PM PST by fella ("As it was before Noah so shall it be again,")
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To: abb

She’s on my Airport List.

L


90 posted on 01/02/2017 4:56:12 PM PST by Lurker (America burned the witch.)
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To: abb

The 401(k) is the worst thing to happen to the American worker.

It pumps money into funds that pumps money into the stock market that forces companies to scramble to meet their expectations, and they cut expenses to drive up efficiencies...which will result in employees getting laid off.


91 posted on 01/02/2017 5:02:25 PM PST by Vermont Lt (Brace. Brace. Brace. Heads down. Do not look up.)
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To: abb

If the average American was able to invest the 14% that was taken out of his paycheck over his lifetime by Social Security, (7%, employer, 7% employee), he would be able to retire without financial concern in his 60’s. Social Security is a government run Ponzi scheme.


92 posted on 01/02/2017 5:52:18 PM PST by wjcsux (MAGA, I'm not tired of winning or gloating!)
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To: abb

I retired on 31 December. I immediately pulled out my 401k and put it into an IRA.


93 posted on 01/02/2017 5:54:56 PM PST by wjcsux (MAGA, I'm not tired of winning or gloating!)
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To: blueunicorn6

You got it wrong! They will help themselves to all of your hard earned money!


94 posted on 01/02/2017 5:57:33 PM PST by wjcsux (MAGA, I'm not tired of winning or gloating!)
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To: wjcsux

Yes, instead of 1%, it’s the govt, so their management fee just happens to be 100%!
But then they let you apply for Section 8 and food stamps, so losing your 6-figure 401(k) really won’t be so bad...!!
Thanks, Teresa. Really.


95 posted on 01/02/2017 7:19:48 PM PST by GnuThere
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To: abb

bmp for later


96 posted on 01/02/2017 11:56:59 PM PST by gattaca (Republicans believe every day is July 4, democrats believe every day is April 15. Ronald Reagan)
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