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I just finished Rescuing Retirement by Theresa Ghilarducci and Tony James. I realize that some will call the authors socialists, subversives, degenerates, or (worst of all) well-meaning or say they sleep wih pigs, eat worms and bark at the moon. But they note that, since half of workers lack a retirement plan, a mandatory one, Guaranteed Retirement Accounts, need to be created. Note, unlike Oregon's Secure Choice, there is no opt out. Claiming support from the public, academics and even employers, they urge action. Do you support mandatory payroll deduction. Of 3% for retirement?
"...Experts say employees should aim to replace 70 to 80 percent of their salary or wages in retirement. Social Security covers just 39 percent for the typical worker retiring at 65, according to the Center for Retirement Research at Boston College..."
Remember that there are trial balloons out about substantially cutting SS benefits.
The article discusses similar mandatory retirement savings in Australia, Britain, and New Zealand.
"...What are the results? Projections by the Organization for Economic Cooperation and Development, the official research arm for most developed nations, show that a young person entering the Australian work force this year who is paid an average income can expect a net income replacement rate of 58 percent at retirement. In Britain the comparable figure is 71 percent; in New Zealand 57 percent for those workers maximizing their contributions.
The projected impact on low-income retirees is even more impressive. The O.E.C.D. expects all three countries will replace nearly 100 percent of income for low earners."
There's another thread on this somewhere in C-D from within the past few months. As I recall, it boils down to 2 rough groups. Those who are responsible for themselves and expect others to be responsible for there selves. And those who think that those who have more should give to those who have less.
Me, I'm in the former group. I work hard, live well below my means, practice delayed gratification, and don't find anything positive about being punished for trying to ensure that I need not rely on the Gov or any other entity in my later years. Add in that I believe, to the core of my being, that the Government is the most corrupt institution in existence (All levels in the US, probably in the whole world) and I see the proposed 3% take being turned into a 1% return with a 2% "administration fee". Thanks, but no thanks.
Life isn't fair. All life isn't worth protecting/sustaining. Some will have less, some more. Some will DESERVE less, and some will deserve more.
Someone needs to develop a discipline pill -- discipline to save for retirement, discipline for a healthy lifestyle, discipline for spending. etc. The government has robbed the social security fund so I wouldn't trust them with any additional retirement savings fund -- they have no discipline either.
I just finished Rescuing Retirement by Theresa Ghilarducci and Tony James. I realize that some will call the authors socialists, subversives, degenerates, or (worst of all) well-meaning or say they sleep wih pigs, eat worms and bark at the moon. But they note that, since half of workers lack a retirement plan, a mandatory one, Guaranteed Retirement Accounts, need to be created. Note, unlike Oregon's Secure Choice, there is no opt out. Claiming support from the public, academics and even employers, they urge action. Do you support mandatory payroll deduction. Of 3% for retirement?
Years ago, people got SS and pensions, then the 401k was created and companies slowly opted out of pensions. The 401k were created as optional contribution as if everyone had the sense to contribute with each pay. Really? Many people lack discipline, and incomes that didn't keep up with the COL, the young thinking they'll never get old or the "some day" thinkers it didn't work out so well.
Fortunately we did contribute but many didn't and those who didn't, if they don't get a sizable inheritance will be in trouble or working until they die. I don't particularly like gov't involvement because they always seem to screw things up but in this case I lean to support it.
One thing I am learning is many older people don't realize that the younger generation doesn't get pensions, eh, just a side note.
Do you really want a government that can't rein in it's debt and spending to manage MORE of your money?
^^^ But then again. The problem is the people who weren't disciplined will look at those of us who were disciplined and demand we pay for their irresponsibility.
I just finished Rescuing Retirement by Theresa Ghilarducci and Tony James. I realize that some will call the authors socialists, subversives, degenerates, or (worst of all) well-meaning or say they sleep wih pigs, eat worms and bark at the moon. But they note that, since half of workers lack a retirement plan, a mandatory one, Guaranteed Retirement Accounts, need to be created. Note, unlike Oregon's Secure Choice, there is no opt out. Claiming support from the public, academics and even employers, they urge action. Do you support mandatory payroll deduction. Of 3% for retirement?
My opinion.
That is what social security is and with the decline in pensions it needs to be strengthened.
With longer life spans we have already raised the FRA and over the years we have had rate increases and we are due for another.
I would also like to see an "opt in with more" where an employee might be able to contribute another 2% or 3% of his money for increased benefits or a lower FRA. I am thinking about construction workers where 67 as a FRA is not doable for most.
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