Tag Archives: 401k

Nickel and Dime


Certainly an exceptional story – but the concept is tried and true.

We need more Mr. Earls!

Barack Knows Best

Barack Obama

I was playing around this weekend reading up on retirement accounts and options available to me when I came across this gem:

How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA that will be tax-free until you die?

Well, be careful how much you save.

That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”

That’s the annoying thing about the Left; they just feel they know all about “fairness”.  See, it’s not fair that someone retire with more than a certain amount.

And why?

Because, the Barackness Monster knows best.

The Republican Conundrum On Social Security – California

Savings Account

As the debate raged over Obamacare, I warned that republicans were painting themselves into a corner.  It has been correctly pointed out that the idea of the individual mandate was an idea first introduced by the right.  After all, by requiring everyone to purchase health insurance, the costs would be spread more equitably – those more likely to require care would pay more, those less so would be less.

While that debate was raging, republicans were pushing the idea of reforming Social Security.  The goal was to institute personal retirement accounts.  In other words, the government would still take 6% of your money, probably 6% of your employers money, and give you the option of investing it as you so desired.

Forced savings.

I didn’t see the difference between forcing someone to purchase health insurance and forcing them to  purchase savings accounts.

To be sure, both are good ideas – VERY good ideas.  But having the government force it on us?  No bueno.

Now see this:

California lawmakers are pushing a controversial, first-in-the-nation plan that would require private-sector employers to remove 3 percent from every worker’s paycheck. The money would go into a new state fund with a guarantee that all withheld funds plus investment gains will be available for distribution at retirement age.

The idea behind the Secure Choice Retirement Savings Program, which got preliminary approval, is for it to be a state-run supplement to Social Security, but only for people who don’t have traditional workplace retirement plans. For an estimated 6 million working Californians, the benefit of a pension or 401(k) is out of reach — so state lawmakers are trying to implement the new mandatory retirement fund for private sector workers.


Now, to be fair, there is NO WAY that California doesn’t spend the money before the benefits come due causing a dramatic budget deficit.  Beyond that, however, there is little difference between this plan and the one republicans called for in social security reform.

Maybe the good news is that by being continually to the right of the crazy, the crazy will feel the need to move right.

Evil Greedy Capitaalist Pigs!

The rich; they are reedy pigs!

And the corporations they run; just mechanisms to take money from the poor and give to the rich!

They take from those who have little and give to those that have much!



Continue reading

The Beginning to the End of Social Security

The idea that the State should care for us and our retirement more than we ourselves care about our retirement is slowly coming to an end; thankfully.

For many folks, Social Security has become “Retirement”.  They plan on it, rely on it and use it as their only means of income after retirement.  And THAT’S a mistake.  Both for the individual and for the government.

Continue reading