| Should we have this as a retirement plan |
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Elmira Nancy
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| Should we have this as a retirement plan |
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Chile requires that ALL workers, regardless of income, set aside 10% of their paychecks into an individual retirement account that the worker cannot touch until they retire. This solves two problems - first, everybody saves. Nobody has the option of saying "I can't save this month". Secondly, it would take the strain off the social security administration and how it is eventually going to go broke.
Do you think it is a good idea?
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Fri Feb 26, 2010 8:23 am |
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Raptor
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While at the individual level saving is better than debt. However at the national level saving is not all that great for the economy. I'll use China for an example. Their economy is supported by the world consumption, they have a high savings rate and low consumption rate. Now that credit is tightening throughout the world who is going to buy their products. They have the cash to do it, but not the mind set to purchase cheap useless Wal Mart junk, simply they will not be willing to buy what they produce and no one else can afford to purchase non value added materials.
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Sun Feb 28, 2010 7:09 pm |
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coaster
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| Re: Should we have this as a retirement plan |
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quote:
Originally posted by Elmira Nancy
Do you think it is a good idea?
Not if it's the government that manages and has access to these funds.
~Tim~
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Sun Feb 28, 2010 10:07 pm |
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jennquilter
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quote:
Not if it's the government that manages and has access to these funds.
My thoughts exactly
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Tue Mar 02, 2010 12:33 am |
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oldguy
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quote:
set aside 10% of their paychecks into an individual retirement account that the worker cannot touch until they retire. This solves two problems - first, everybody saves. Nobody has the option of saying "I can't save this month".
The US system (SS) has you pay 12.9% (half by you, half by employer) of your pay into a retirement system that you cannot touch until age 62. And you don't have the option of saying "I can't save this month". Theirs is a savings account, ours is a generational pass thru. But it seems like the outcome is about the same?
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Tue Mar 02, 2010 1:57 am |
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Raptor
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A pot of money that nobody can touch. Where would it be invested and by who? Congress, the Fed, the Individual? I have plenty of great ideas for that pot of money!!!!
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Tue Mar 02, 2010 2:04 am |
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401kDave
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| Yes it is good |
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BUT, they should provide and open architecture platform and an independent adviser for advice. That would be a great 401k or retirement plan. No more Fidelitys and Merrill Lynch's in the 401k world.
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Fri Apr 02, 2010 4:33 am |
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