Tuesday, June 17, 2008
Goverment Funding Retirement
(Uncle Sam can fund retirement - Obama) Here is an article detailing the plans for Obama to help lower and middle income families save for retirement. Can someone please explain to me why we are giving money away to people for retirement when our current government assistance for retirement (Social Security) is floundering. If we can come up with the extra money to hand out why can't we look into fixing the situation government already started? How in the world do you prevent people from dipping into that IRA match? People can't save, but they sure can look like they are saving if you are going to throw $500 a year at them. There is nothing in this plan to keep the money in the IRA. Everyone has been paying into Social Security and unless fixed it will have funding problems. Why do the low and middle earners get extra government assistance to save for retirement while we all still dump money into a program with a problem. Why can't we be fair and look at fixing a program that was already started?
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2 comments:
thanks for the heads up
While its good to go to the movies, dine, have a binge once in a while, don't compromise on the money you have decided to set aside every month for retirement. And importantly do a 'cost-benefit analysis'. If the Rs 1,000 you spent on movies and dinner last week was instead invested in an equity fund, it would have grown to nearly Rs 20,000 (at 10% compounded growth) after 30 years!
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