Posted on Dec 2, 2022
'This is a crisis.' Why more workers need access to retirement savings
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"Much of the problem has to do with how the retirement system has evolved. Pension plans that used to guarantee a stream of post-career income from employers have given way to 401(k) plans and other retirement accounts that put the responsibility on workers themselves to save."
'This is a crisis.' Why more workers need access to retirement savings
Posted from cnbc.com
Retirement
Personal Finance
Employment
Posted 2 y ago
Responses: 3
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@LTC Eugene Chu Placing “responsibility on workers themselves to save” is not a complete response. Those savings should not be available to workers excepting as retirement funds. Last night, a friend told of another friend living in near poverty due to having cashed out his retirement funds to start a business. The business failed!
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They might benefit ft Education on this from honest brokers and employers!
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It seems that everyone is looking to the government to fix private industry problems. I want government out of my life. Yes, I have a military retirement but I also had IRA’s and 401k’s. My wife has her teachers pension and she rolled her 501 into a IRA.
No, we couldn’t go out and buy everything we happened to want, but we have a decent nest egg to carry us through retirement. It can be done without the government getting into it.
No, we couldn’t go out and buy everything we happened to want, but we have a decent nest egg to carry us through retirement. It can be done without the government getting into it.
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Maj Robert Thornton
LTC Eugene Chu have you ever read the book “The Millionaire Next Door?” Arguably the book was written a number of years ago but the premise behind the book is still applicable.
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