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View Diary: States starting to take action on retirement security (42 comments)

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  •  Better late than never, I'd guess. (1+ / 0-)
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    sunny skies

    Paul Keating, here in Australia, introduced compulsory superannuation at 9% of pretax 1992. And it's set to increase to 12% (in increments) by 2019.

    3%? That's better than nothing, I guess, but it's really not all that much.

    "Violence never requires translation, but it often causes deafness." - Bareesh the Hutt.

    by Australian2 on Sat Jul 06, 2013 at 06:12:00 PM PDT

    •  It's a lot worse than nothing. The last thing (1+ / 0-)
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      the people need to be doing is handing more money back to the predators that are destroying us.

      I've seen way too many people pumping money into an IRA or 401(k) when they can't even make the interest payments on a credit card that's ripping them off for 22%.  There is no chance that these investment vehicles will actually be a net benefit for them.

      The vast majority of the people who actually have a chance (and it's only a chance, after the insane management fees) of getting ahead using them are already using them.

      For the rest, they're a boondoggle.

      Mr. Universe is a known degenerate Robotophile, and his sources include former Browncoat Traitors. What is their agenda in leaking top secret information about the Reavers and endangering us all?

      by JesseCW on Sat Jul 06, 2013 at 06:15:58 PM PDT

      [ Parent ]

      •  Take a look at what the CA proposal is. (0+ / 0-)

        It does not give the 3% to the financial industry.
        It limits what kinds of investments the money can be used for. (no derivatives!)

        It attempts to stop any losses and provide a small amount of supplemental income.

        And MOSTLY the Chamber of Commerce and the financial industry hate the bill he signed.  There is no money in it for them.

        Why is this a good deal for California? A senior who gets less then $866 per month receives SSI from the state to bring their income to that minimum level. If they receive an amount from a retirement fund that brings them up to or past $866 the state saves that money.

        •  Not Buying It (0+ / 0-)

          IRAs are held by private companies with a profit motive. No matter how regulated these accounts may be, they still involve (1) market risk and (2) skimming off the top by the private company who administrates the accounts. Instead of coming up with a private-based response to supplementing Social Security that will cost contributors money, why not just fix Social Security? No risk, no skimming . . . you get more for your money. Also, notice that unlike with Social Security, there is no employer contribution to these IRAs. I will definitely be opting out.

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