Own Your Own 15.3% Retirement Savings
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Meaningful and interesting!
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so much text, but interesting
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Spot on analysis of what one needs to do to prepare for retirement. Social Security may provide beer money, but we are responsible for saving adequately for our own short-, medium- and long-term needs. Saving $100/week invested at 6% starting at age 25 would give you over $868,000 at age 65. Start saving now!
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Blahous further states, No one in his right mind would say, The stock market is collapsing. I had better not save for retirement. But that is exactly the kind of myopia we will perpetuate if we continue to finance Social Security solely on a pay-as-you-go basis.
The Social Security Trust Fund is not money that has been saved; its a debt that future taxpayers will have to pay.
DanDyer4 2 years ago
Charles Blahous points out that as the number of workers relative to the number of beneficiaries drops, each succeeding generation in a pay-as-you-go system is treated worse than the one before it. Personal accounts offer a way around this dilemma, allowing todays workers to save in advance for a future in which fewer workers will be around to fund their retirement.
DanDyer4 2 years ago
Charles Blahous, in his article, Social Security and Work, in the quarterly National Affairs, Number 2, Winter 2010, writes Social Security is effectively designed to drive seniors out of the work force. He proposes specific reforms that would champion ways of honoring and rewarding taxpaying work.
DanDyer4 2 years ago