chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
This is a follow-on discussion from the Retirement Benefit's Poll.
About 1/3 (so far) indicated that they has Social Security alone. I suspect those of us that have something more than 401ks and IRAs are older (grandfathered on DB pension), or work for the last few companies that offer DB pensions, or work for some government entity.
Are most Americans actually capable of using self-managed deferred-tax accounts to prepare for retirement?
I am not very confident that they can. I also think that SS is going to be a critical safety net for most Americans (including those of us who have been somewhat successful saving).
Two things seem apparent (to me anyway)
Keep Wall Street Out of the Retirement Business
About 1/3 (so far) indicated that they has Social Security alone. I suspect those of us that have something more than 401ks and IRAs are older (grandfathered on DB pension), or work for the last few companies that offer DB pensions, or work for some government entity.
Are most Americans actually capable of using self-managed deferred-tax accounts to prepare for retirement?
I am not very confident that they can. I also think that SS is going to be a critical safety net for most Americans (including those of us who have been somewhat successful saving).
Two things seem apparent (to me anyway)
- SS seems very important as a pension vehicle. I personally would not want it to be an investment that might fail me.
- Business (and Government) need to figure out something better than the current 401k/IRA approach. I think they are fine to enable people to build a nest egg. But they are not a substitute for a Pension.
Keep Wall Street Out of the Retirement Business