If you are a working stiff then you probably are looking forward to retirement so that you may pursue interests that so far you have neglected……right?
AS glamorous as retirement looks there is one small problem……very few Americans are set up to actually go into retirement……is there an answer to the problem?
Retirement accounts are gilt-edged investments that enrich the economy, the safety net and the social fabric.
Too many Americans are saving little to nothing for retirement. According to one study, 45 percent of working-age households “do not have any retirement account assets.” Congress could sharply improve the numbers by adopting dynamic scoring of retiree distributions. The move could lead to millions of new accounts, and a fairer sharing of the US’s retirement promise.
That promise was the whole idea behind a breakthrough reform over 40 years ago. Let’s see where it came up short, and how the country can still make good for those left behind.
In 1974, a far-sighted Congress created a new benefit for workers not covered by traditional pensions. It set up Individual Retirement Accounts (IRAs), combining pre-tax employee contributions with tax-deferred capital gains. A major sweetener, employer contributions, came later with 401(k)s.
I do not endorse everything I write about…..some times I am just doing the FYI thing…..