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View Diary: Americans' Retirements Are in Tatters. What Does That Mean? (129 comments)

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  •  LESSON ONE! DO NOT GAMBLE WITH (10+ / 0-)

    retirement funds. Putting retirement money on Wall Street was sold to everyone. It was and is a huge mistake.

    Newt 2012. Sociopath, adulterer, hypocrite, Republican.

    by tikkun on Sat Jun 22, 2013 at 06:16:18 PM PDT

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    •  Social Security is retirement insurance (2+ / 0-)
      Recommended by:
      Creosote, wader

      Like insurance on your home or your life it isn't worth much unless it pays out enough to replace the loss without too much of a deductible.

      In the case of retirement the loss is your ability to bring in enough income to live at least as comfortably as you did while working.

      At issue is how to pay enough into the system as a worker to enable the escrow of the same universal comprehensive single payer care you provide your family when working after your work comes to an end.

      What we presently have are a number of people whose working incomes aren't high enough to make the system work as it should

      The President proposes a raise in the minimum wage to $9.00 and hour. This compares to $3,186.00 an hour for the well to do. If you divide the income of the 1% by 100 and made hourly wages $31.86 an hour for everyone that would be both fair and more competitive internationally.

      Tax revenues would be considerably higher than at present and without having all the loopholes and deductions and the cost of an IRS to administer them Republicans could have their flat tax.

      Even If you raised the minimum to $15.93 and set the maximum at $46.79, that would provide a living wage for workers of a little over $33,000 a year; $66,000 for a family of two, and provide $97,323.20 for people who have a legitimate reason for requiring a higher income such as student loans.

      Social Security could then be twice what it is now with the funding for healthcare and education also doubled.

      Live Free or Die --- Investigate, Incarcerate

      by rktect on Sun Jun 23, 2013 at 04:06:29 AM PDT

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      •  What Does That Have To do With (0+ / 0-)

        not gambling retirement money on Wall Street?  It doesn't matter if it's SS or individual retirement plans..the rule still holds!  DON'T GAMBLE with retirement funds on Wall Street.  For most of our working lives, my husband and I made around 20,000 a year, never a lot of money and an horrible income after the 1980s.  I taught for 15 years which helped out a great deal but it was only for 15 years.  We aren't close to the breaking point even if one or both of us gets a debilitating and expensive disease.  There are certain economic basics which have been out of favor since the end of glass steagall. They are still basic and playing games with the basics will generally land people in financial difficulty.

        Newt 2012. Sociopath, adulterer, hypocrite, Republican.

        by tikkun on Mon Jun 24, 2013 at 09:50:43 AM PDT

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        •  You need about $2 million in your IRA (0+ / 0-)

          to retire comfortably and of course you won't have it or be able to expect SSI to make up the difference.

          The only way to make social security function as retirement insurance is to increase wages, SSI and payouts by a factor of three, and thats assuming they don't start protecting against inflation again at the fed and that climate change mediation doesn't take every penny we have and still fail long before retirement rolls around for most of the people worrying about chained CPI.

          Live Free or Die --- Investigate, Incarcerate

          by rktect on Mon Jun 24, 2013 at 03:08:58 PM PDT

          [ Parent ]

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