Article On Retirement -Beyond Social security -Quite Good

[tony 0]

Well written article about retirement options and  new retirement ideas  beyond Social Security.

 

https://newcenter.org/wp-content/uploads/2020/10/Retirement-1_compressed.pdf

[Why Me 0]

The solution to these policy matters requires elected representatives who are motivated to change the retirement laws.  In some cases, they'll have to fight deep-pocketed lobbyists for the financial services industry, like the ones who successfully shut down the fiduciary rule for retirement "advisors." 

To me, one of these proposals should be a no-brainer: the universal portable retirement fund.  I'm imagining something like TSP-for-all, with the same contribution limits for all (including independent contractors and hourly workers).  

The idea of a of state-funded compounding account started at birth and inaccessible until a specified age has an appeal, too, though there are obviously ongoing costs to such a plan (my first thought is to aim this at funding retirement and make it untouchable before 60 or so, but I'd be happy to listen to Cory Booker's argument for making it available to an 18 year old).

Canada has a plan called Tax Free Savings Accounts that would be worth a look here.  Similar in tax treatment and annual contribution limit to a Roth IRA in the states.  But any Canadian over 18 can contribute—it is not linked to employment status, so students, retirees, etc. can also use this.  Year after year, the annual limits are added up, and if you haven't maxed contributions, the unused remainder is carried over to future years; in other words, you can contribute up to that aggregate limit whenever the money becomes available to you. (They call it "Savings Account" but brokerage accounts and such also work in this format.)

[tony 0]

 

Whyme

I visited Canada  last summer for 10 days.  If it wasn't  so cold there, I would move there.They have it together on several fronts and they are so much more relaxed than our country. Unless this country starts agreeing more on a non partisan basis, we all suffer and new  creative retirement legislation as  well as other needed changes will never happen. Just look at the stall happening on a second stimulus for families in need right now. I'm so sick of the partisanship and divide going on in this country that I may not vote Tuesday and I'm expecting violence Tuesday.  Sorry  for this rant but just like the article says , partisanship is what is preventing good things from happening on many fronts and both sides share the blame.

Tony

[Why Me 0]

Fingers crossed that you're wrong about the violence.

[sschullo 0]

I express my political opinions in one place, the ballet box.

I do like history. Had I started teaching again, I think I would like to teach history, specifically economic history. 

My portfolio reflects my life long experience of all the major topics of our life, first the obvious market bull and bear markets, then the economy, politics, social and cultural movements, the financial industry in their constant effort to part me from my money, and economical and political history, and this year, I can add on a health crisis, and my portfolio has worked as it was designed.

We think times are bad now. While I was in the Oakland Naval hospital recovering from my Vietnam injuries, I thought I came home FROM a war zone. Within a month MLK and RFK were assassinated. That summer, rioting occurred all over the country. Detroit and the Democratic national convention in Chicago were war zones.  In 1968, I came home TO a war zone. (The recent Chicago 7 is great. Highly recommended). 

In 1863, about 120 New Yorkers were killed in rioting because of the blatantly corrupted conscription regulation that young men could buy their way out harms way for $300.00 during the Civil War. 

We will get through 2020....American was badly wounded with our Civil War and during the 1960s and the terrible Vietnam War. 

Humans had political differences since we crawled out of the slime and created political parties. 

 

[ScottO 0]

8 hours ago, sschullo said:

I express my political opinions in one place, the ballet box.

While ballet is important, you really should vote too 😉 

[tony 0]

43 minutes ago, ScottO said:

While ballet is important, you really should vote too 😉 

That's funny! Maybe Steve danced over to the voting precinct.

[tony 0]

19 hours ago, whyme said:

Fingers crossed that you're wrong about the violence.

I agree but this is such an unusual year.Anything could happen. 

[ScottO 0]

1 hour ago, tony said:

I agree but this is such an unusual year.Anything could happen. 

Violins and ballet...