bills_fan Posted March 25, 2010 Share Posted March 25, 2010 Because they have done such a good job with their own state pensions...wow the truly brass balls of these people...November cannot come fast enough! In effect, government pensions for everyone, not unlike the European system and regardless of personal choice. And this... “The failure is broad and deep. It's not just a few people falling through the cracks: most of us already are in the ravine. Three in 10 have only a 401(k) or similar savings plan, and the rest of us are totally out of luck," said Eisenbrey. Eisenbrey said that the median 401(k) account balance was $25,000 in 2006, and the median for workers near retirement was $40,000. "Half of those who had a 401(k) were nearing retirement with less than $40,000 in their account," said Eisenbrey, who is trained as a lawyer and was a Clinton administration appointee from 1999 through 2001. So, again, punish the responsible and reward the irresponsible.....un-f*cking-believable! http://www.seiu.org/2009/03/seiu-coalition...-initiative.php http://moneynews.com/StreetTalk/unions-401...03/17/id/328862 Link to comment Share on other sites More sharing options...
John Adams Posted March 25, 2010 Share Posted March 25, 2010 Because they have done such a good job with their own state pensions...wow the truly brass balls of these people...November cannot come fast enough! Those quotes of people's 401Ks make me feel rich. I'm gonna be the moneybags of my retirement community! Seriously though. No matter who you are, you should be auto-deducting your pay into some retirement vehicle. I started doing it at age 25...hit it up once for my first home down payment (back when you had to come up with money when buying a house) and have just made deposits since. It's not huge but it grows every year. Link to comment Share on other sites More sharing options...
keepthefaith Posted March 25, 2010 Share Posted March 25, 2010 Those quotes of people's 401Ks make me feel rich. I'm gonna be the moneybags of my retirement community! Seriously though. No matter who you are, you should be auto-deducting your pay into some retirement vehicle. I started doing it at age 25...hit it up once for my first home down payment (back when you had to come up with money when buying a house) and have just made deposits since. It's not huge but it grows every year. I'm sure our moderator will call you an idiot for doing that. Link to comment Share on other sites More sharing options...
/dev/null Posted March 25, 2010 Share Posted March 25, 2010 Those quotes of people's 401Ks make me feel rich. I'm gonna be the moneybags of my retirement community! Seriously though. No matter who you are, you should be auto-deducting your pay into some retirement vehicle. I started doing it at age 25...hit it up once for my first home down payment (back when you had to come up with money when buying a house) and have just made deposits since. It's not huge but it grows every year. And those people are the reason why the unions and the federal gov't will intervene into yours and my 401k's. The fact that people like you and I are responsibile and think of our own futures is irrelevant. The dipschits who don't think ahead will retire one day and will whine and complain that it's not their fault that they have no money and it's the governments responsibility needs to help them Link to comment Share on other sites More sharing options...
Fezmid Posted March 25, 2010 Share Posted March 25, 2010 "The failure is broad and deep. It's not just a few people falling through the cracks: most of us already are in the ravine. Three in 10 have only a 401(k) or similar savings plan, and the rest of us are totally out of luck," said Eisenbrey Luck doesn't enter into it! It's called PLANNING. If your retirement plan relies on "luck," then you're screwed. *sigh* Link to comment Share on other sites More sharing options...
Chef Jim Posted March 25, 2010 Share Posted March 25, 2010 Because the system we have now has failed most Americans---a harsh reality that EPI Vice-President Ross Eisenbrey spelled out at the launch of the initiative yesterday: How the hell has the system failed them? The system has given them wonderful incentives for saving; tax deduction of contributions, tax deferral of earnings, tax free retirement accounts, etc, etc. No folks the system has not failed you, you've failed the system. Most people don't plan to fail, they fail to plan. I see these types of people everyday and they piss me off. Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 25, 2010 Share Posted March 25, 2010 And those people are the reason why the unions and the federal gov't will intervene into yours and my 401k's.The fact that people like you and I are responsibile and think of our own futures is irrelevant. The dipschits who don't think ahead will retire one day and will whine and complain that it's not their fault that they have no money and it's the governments responsibility needs to help them Yee-Haw! The Purple People Beaters are here to help you!!! Link to comment Share on other sites More sharing options...
DC Tom Posted March 25, 2010 Share Posted March 25, 2010 No folks the system has not failed you, you've failed the system. But AIG committed fraud and cost everyone half their retirement, and the only way to prevent it is to let government control our retirement! Link to comment Share on other sites More sharing options...
Chef Jim Posted March 25, 2010 Share Posted March 25, 2010 But AIG committed fraud and cost everyone half their retirement, and the only way to prevent it is to let government control our retirement! You know that cluster!@#$ actually helped out my retirement. Thank you AIG. Link to comment Share on other sites More sharing options...
DC Tom Posted March 25, 2010 Share Posted March 25, 2010 You know that cluster!@#$ actually helped out my retirement. Thank you AIG. I understand completely. Buying airline stocks after 9/11 paid for a year of unemployment for me. Link to comment Share on other sites More sharing options...
BillsFanNC Posted March 25, 2010 Share Posted March 25, 2010 If you have a company sponsored 401k with a match and you aren't at MINIMUM contributing to the match then you are, in 99.9% of cases, an idiot. That's essentially saying 'no thank you' to free money, not to mention all the tax benefits as well. I work for a fortune 500 company with about 27,000 employees, at a retirement planning seminar a few years ago it was revealed that less than half the employees even contribute to the company 401k. Morons. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 25, 2010 Share Posted March 25, 2010 I understand completely. Buying airline stocks after 9/11 paid for a year of unemployment for me. Hell I'm talking about a much simpler plan of funding my SEP at the bottom and dollar cost averaging the whole way down. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 25, 2010 Share Posted March 25, 2010 If you have a company sponsored 401k with a match and you aren't at MINIMUM contributing to the match then you are, in 99.9% of cases, an idiot. That's essentially saying 'no thank you' to free money, not to mention all the tax benefits as well. I work for a fortune 500 company with about 27,000 employees, at a retirement planning seminar a few years ago it was revealed that less than half the employees even contribute to the company 401k. Morons. And you know why. They are already living paycheck to paycheck and to even give up enough monthly to get the match puts them in an even deeper hole. People just don't know how to live within their means and how to pay themselves first. That's the main reason for my sig line. Link to comment Share on other sites More sharing options...
John Adams Posted March 25, 2010 Share Posted March 25, 2010 If you have a company sponsored 401k with a match and you aren't at MINIMUM contributing to the match then you are, in 99.9% of cases, an idiot. That's essentially saying 'no thank you' to free money, not to mention all the tax benefits as well. I work for a fortune 500 company with about 27,000 employees, at a retirement planning seminar a few years ago it was revealed that less than half the employees even contribute to the company 401k. Morons. I can one-up that. At the end of the year, we profit share--dumping a portion of our profits into people's 401K account...if they have an account set up with us. This has traditionally been a 3-5K deposit. Every year, we announce that we do this and tell people that as long as they have $1 in their 401K account, they will get free money. And STILL, we only have 75% participation. Some of the people who don't participate are professionals. Some are people for whom 5K is 10 or more % of their salary. We browbeat these people. We hand them the forms. About the only thing we haven't done is force their hands across the page. I almost want to fire them for being so dumb. But maybe they are all independently wealthy. In the end, mo' money for me. Link to comment Share on other sites More sharing options...
Alaska Darin Posted March 25, 2010 Share Posted March 25, 2010 I'm sure our moderator will call you an idiot for doing that. You mean because saving for your own retirement is the same things as demonizing poor people for not paying income tax? This is your way of proving you're not an idiot? Link to comment Share on other sites More sharing options...
Alaska Darin Posted March 25, 2010 Share Posted March 25, 2010 Those quotes of people's 401Ks make me feel rich. I'm gonna be the moneybags of my retirement community! Don't worry. By the time you're eligible to retire the Democrats and Republicans will have made sure that whatever you've saved is worth 10% in today's dollars. You can pretty much bank on that. Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 25, 2010 Share Posted March 25, 2010 In the end, mo' money for me. Yes and no. If you were able to dump more profit sharing to your staff, wouldn't that reduce your tax obligations? Note: I let my accountant drive this, and I ain't that smart about it, but one reason we profit share through 401K are the tax benefits to the company. Unless my inner Cheech Marin is coming out. Link to comment Share on other sites More sharing options...
GG Posted March 25, 2010 Share Posted March 25, 2010 About the only thing we haven't done is force their hands across the page. I almost want to fire them for being so dumb. In the end, mo' money for me. That's why you need the government to rescue them. Link to comment Share on other sites More sharing options...
John Adams Posted March 25, 2010 Share Posted March 25, 2010 Yes and no. If you were able to dump more profit sharing to your staff, wouldn't that reduce your tax obligations? Note: I let my accountant drive this, and I ain't that smart about it, but one reason we profit share through 401K are the tax benefits to the company. Unless my inner Cheech Marin is coming out. Actually, because I'm an owner, it's mo' money for the employees who are enrolled in the 401K plan. We agree at the end of the year to share X% of the profits with everyone who has a 401K account. Less people enrolled meas mo' money for the people who are enrolled. Link to comment Share on other sites More sharing options...
John Adams Posted March 25, 2010 Share Posted March 25, 2010 Don't worry. By the time you're eligible to retire the Democrats and Republicans will have made sure that whatever you've saved is worth 10% in today's dollars. You can pretty much bank on that. So I should spend it all now while it's worth something? Time to tell my wife we're buying the M3. Link to comment Share on other sites More sharing options...
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