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Post by aztec70 on Feb 28, 2011 11:36:01 GMT -8
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Post by tuff on Feb 28, 2011 16:18:56 GMT -8
Retirement age has to rise to 70-72. And this is for public and private workers. The biggest danger is not having enough, rather it is the possibility of outliving your plan. At an insurance seminar I went to, roughly 90% of people over 65 have no real savings. The federal govt, has to allow more personal deposits by people into their retirement plans prior to taxation.
And we haven't even begun to talk about LTC(Long term care).
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Post by aztecwin on Feb 28, 2011 18:46:22 GMT -8
You really have to find a way to save and invest a larger portion of your income and be disciplined about it over your lifetime.
Your pensions and Social Security are just not enough.
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Post by JOCAZTEC on Mar 1, 2011 18:20:20 GMT -8
Internal Revenue Code Section 401(k): with extremely small limitations, an employee can let the employer keep the employee's wages and the government approves. The employee views themselves as being covered for a "pension" plan. The broker pays off the government to restrict investments to Wall Street paper and the employee, without any knowledge of accumulation/distribution rules, rides the roller coaster, up and down until...WHAM! DISTRIBUTION, and the 401(k) poops out lump sum, awarding governments a big lotto win, with a "paltry" 75% inception-to-date tax hit on the 401(k) monies.
Internal Revenue Code Section 401(k): tax trap!
Ploy for employers, boon for governments, and the individual gets left with salty wonder bread.
HAM
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