Let's make retirement savings accounts mandatory...AGAIN!

• loneMADman • a year ago

  All this does is effectively increase the size of social security without saying that. The money isn't yours because the annuitization is forced, so it's just like SS. What most people need at retirement more than income is wealth. Wealth allows people to make choices. They can turn that into income if that's what they need or they can turn that into self-insurance for long term care, or into a bequest or a myriad of other reasonable choices. 

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  MICHAEL_KINDEL • a year ago

  Another example of socialistic behavior at it's finest. Not only does this proposal MANDATE worker AND employer input but will eventually eliminate individual choices at retirement. Oh, and that proposed tax 'credit'?? The government giveth, the government taketh away.

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  LLOYD_DAVIS • a year ago

  What distinguishes these mandates from taxes? Why would the government mandate an annuity when we already have a stream of payments from social secuirty? All choice is being effectively standardized and socialized. It won't be long until the balances in these so-called retirement accounts are replaced by IOUs from the government and the actual funds are utilized to offset government deficits--just like Social Security now. It is another inter-generational transfer payment system that will end up actuarially unsound--to reiterate, just like Social Security currently is,

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    Bob Buhlmann  LLOYD_DAVIS • a year ago

    So right, Lloyd_davis). The government is looking for all kinds of DEVIOUS schemes to get taxpayer (read workers) money now to cover their expensive spending habits.

     

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    Bob Buhlmann • a year ago

    The key to this proposal is "what happens to the money at "the end?"" It is proposing an annuity where the money goes, where? to the social security system which is totally broke and is a PONZI scheme. What they should do is use the CURENT social security contributions to fund these plans. They, there would be more money and, at the end, the money would go to their heirs. It does not work that way. 
    This is another BLEEDING LIBERAL (read democraps and Hilllary supporters) proposal to get MORE money out the individual and employer and go into government coffers to WASTE. Notice who proposed it; notice the bleeding liberal states that have passed it. Putting the money into an annuity at the end means that the government gets the money to spend/waste and we have another social security type debacle. At least that money should go to the individual's estate or, better yet, let the individual take out a Required Minimum Distribution (RMD) like the regular IRA. If there is money left over when the individual dies, that money goes to his estate. Keep the government(s) (federal and state) out of the equation. Don't let them take the money at the end.

No future for the youth...

mark antrobus

Feb 18, 2016 at 15:14

Cowardly governments in collusion with the retirement vote have consistently fleeced the young with high taxes, university tuition fees, the effective abolition of defined benefit pension schemes, grossly high house prices and the end of job security. In a nutshell, having had all these benefits themselves while keeping the retired of their day in poverty, they have drawn up the drawbridge on those that follow - for what reason? To pay for a retirement welfare system of unprecedented generosity for themselves that will not survive to the next generation.