"a new retirement account in which the US government could mandate participation.... a new kind of retirement account in which all Americans would have to set aside 5 percent of their incomes.... people wouldn't have access to their money before retirement, and when they retire, they'd receive the funds as an annuity, not a lump sum"
Why does the GOVERNMENT think YOUR MONEY is THEIRS, readers?!!
See: Bush Bankrupted Pension Insurance Fund
Congress and Bush Colluded to Loot American Worker
"During a bear market, future of the 401(k) is questioned" by Tim Gray, Globe Correspondent | April 12, 2009
.... The US House Education and Labor Committee is holding hearings on how 401(k) accounts can be overhauled. Representative George Miller, a California Democrat who chairs the committee, is among other things, calling for better investment options for account holders. Several academics also are endorsing big changes: Some are calling for the government to cover losses up to a certain amount, while others want to ditch 401(k) accounts altogether.
Alicia H. Munnell, director of the Center for Retirement Research at Boston College, said 401(k) accounts are too tough for most people to use, and too often, she said, people make the wrong choices by, say, taking too much risk close too retirement.
"The 401(k) has shifted all the responsibilities for retirement investment from the firm to the individual," Munnell says. "People live full, complicated lives - they're racing just to handle their jobs and take care of their kids. I don't understand the idea of our making everybody be a financial expert on top of that."
I do: it is so the ELITE RICHERS can LOOT YOU EVEN MORE!!!!!
Munnell advocates for a new retirement account in which the US government could mandate participation, but that could be administered by private investment companies like Vanguard and Fidelity Investments. She said people wouldn't have access to their money before retirement, and when they retire, they'd receive the funds as an annuity, not a lump sum.
FUCK THAT!!!!! I'm glad I took mine out now!!!
Munnell also wants the money in the accounts to be federally guaranteed, at least partially. She said the accounts would supplement 401(k)s, Social Security, and traditional pensions, in which a professional investor manages money for a fund and employees get guaranteed monthly payouts once they retire.
Sounds good, but you'll never see it, Americans.
How many hot-fart mist promises you gonna inhale, anyway?
Teresa Ghilarducci, an economics professor at the New School in New York, said 401(k) plans should be trashed completely. She said they "gave a lot of profits to the mutual fund industry" but failed to sufficiently provide for the retirements of lower- and middle-income workers. "The last six months was the end of a 30-year experiment about whether average people could manage financial risks," she said.
Which was EXACTLY what was INTENDED!!!!!
Ghilarducci said she would end the tax breaks that companies and employees get for contributing to 401(k)s. She'd earmark the savings for the creation of a new kind of retirement account in which all Americans would have to set aside 5 percent of their incomes....
--more--"
For the record, readers, I never believed the false promises of pensions from Wall Street -- and given what has happened over the last six months, I never will again.
Wall Street will NEVER, EVER, get any of my hard-earned money ever again!!!
