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Old 04-17-2016, 03:13 PM
 
Location: Ohio
19,875 posts, read 14,217,545 times
Reputation: 16064

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Opinion: This single act would help many Americans reach retirement savings goals

Published: Apr 15, 2016 8:16 a.m. ET

Quote:
Here’s how: Workers in firms above a certain size without company-sponsored retirement plans are required to contribute to an IRA plan — unless they chose to opt out. These plans are relatively easy to administer for employers who simply “connect” their employees to a retirement plan run by a qualified financial institutions. The plans save small businesses from the hefty paperwork and sometime onerous regulations associated with traditional retirement plans.
This single act would help many Americans reach retirement savings goals - MarketWatch

Another opinion article about coercing private funds into the Stock Market for retirement purposes.
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Old 04-17-2016, 03:29 PM
 
Location: Sacramento
13,784 posts, read 23,798,899 times
Reputation: 6195
And the earnings in those stock market investments are taxed as ordinary income, not capital gains.

And when withdrawn from an IRA account, assuming it isn't a Roth account, this can also result in higher taxes on Social Security payments too.
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Old 04-17-2016, 04:40 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Yes. I think they should create a portable 401k using index funds and restricting transactions to keep fees low.
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Old 04-17-2016, 04:56 PM
 
Location: OH>IL>CO>CT
5,225 posts, read 8,384,895 times
Reputation: 7180
What's the difference between this guy's idea, and the new myRA program that the Treasury Dept has made available ?

https://myra.gov/

"Start saving with myRA, a new retirement savings account from the United States Department of the Treasury."
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Old 04-17-2016, 05:27 PM
 
11,118 posts, read 8,523,617 times
Reputation: 28059
Most employers offer employees the option of having multiple direct deposit accounts. ANYBODY can set up a IRA account with a mutual fund and then have the funds automatically taken out of their paycheck via direct deposit every payday. I don't talk about "big government," but do we really need government involvement when the average adult can do this on their own in less than 20 minutes.
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Old 04-17-2016, 06:20 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by reed303 View Post
What's the difference between this guy's idea, and the new myRA program that the Treasury Dept has made available ?

https://myra.gov/

"Start saving with myRA, a new retirement savings account from the United States Department of the Treasury."
myRA is limited. The account can only hold 15k.
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Old 04-17-2016, 07:11 PM
 
Location: The Berk in Denver, CO USA
14,013 posts, read 20,317,250 times
Reputation: 22724
Singapore does this.
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Old 04-17-2016, 10:11 PM
 
14,253 posts, read 23,969,886 times
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Personally, I believe that the Federal Government should make available the SAME plan that it offers to Federal employees to all citizens. That way, everyone could participate in a plan that offers adequate investment choices at the lowest possible costs. That would relieve employers, especially smaller ones, of the hassle of offering such a plan and all of the various compliance requirements.
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Old 04-18-2016, 04:50 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
Quote:
Originally Posted by golfingduo View Post
myRA is limited. The account can only hold 15k.
i believe it is only treasury's no other choices but not sure 100% . never really looked at it .
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Old 04-18-2016, 04:55 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
Quote:
Originally Posted by golfingduo View Post
Yes. I think they should create a portable 401k using index funds and restricting transactions to keep fees low.
the problem is indexing is no guarantee of low turnover or low fees . not everyone gets vanguard or fidelity as a choice .

most index funds do not own everything in the index and so they do their own internal trading trying to capture the returns of the index without owning it totally .

you can see here turnover rivals some managed funds tax wise as well as expenses .

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