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Started By
Message
If social security is doing so great why do we now need myRA?
Posted on 12/27/14 at 10:02 pm
Posted on 12/27/14 at 10:02 pm
LINK
And is this even constitutional? Where does Obama get the authority to implement myRA?
Seems like a scheme to funnel more private IRA funds from private equities to treasuries. Gotta find more people to secure that federal government debt, I guess.
ETA: I'd bet Obama and his cronies want to make this a mandate where all workers will be required to participate. It would be like social security plus.
And is this even constitutional? Where does Obama get the authority to implement myRA?
Seems like a scheme to funnel more private IRA funds from private equities to treasuries. Gotta find more people to secure that federal government debt, I guess.
ETA: I'd bet Obama and his cronies want to make this a mandate where all workers will be required to participate. It would be like social security plus.
This post was edited on 12/27/14 at 10:05 pm
5
Posted on 12/27/14 at 10:09 pm to GumboPot
I thought replacing SS with private investment accounts was the "fix" that Republicans wanted?
Also: why are so many of you unaware that SS is an insurance and NOT a retirement account.
Also: why are so many of you unaware that SS is an insurance and NOT a retirement account.
This post was edited on 12/27/14 at 10:11 pm
Posted on 12/27/14 at 10:10 pm to Asgard Device
What's that have to do with myRA?
Posted on 12/27/14 at 10:11 pm to GumboPot
quote:
Message
Posted by GumboPot
What's that have to do with myRA?
What does social security have to do with it? I don't know. It's your thread.
Posted on 12/27/14 at 10:16 pm to GumboPot
quote:
myRA is only for workers is without access to a retirement plan at work and earn less than $129,000 per year (less than $191,000 per year if you’re a married couple filing jointly)
You can keep saving money in your myRA for 30 years or until you’ve saved $15,000, and when either of those limits is reached, your savings will be rolled over to a private-sector Roth IRA* where you can keep saving. You can also choose to roll over your myRA to the private sector at any time.
Posted on 12/27/14 at 10:17 pm to Asgard Device
Both are used for retirement and both are run by the federal government.
Posted on 12/27/14 at 10:19 pm to TigerintheNO
Anyone can open a 401k and invest pre-tax dollars. You don't need the U.S. Treasury.
Posted on 12/27/14 at 10:21 pm to Asgard Device
quote:
I thought replacing SS with private investment accounts was the "fix" that Republicans wanted?
myRA is not a true "investment account." The individual can control asset allocation and is required to buy only U.S. debt instruments. Secondly, this does not replace SS which should be ended ASAP.
quote:
Also: why are so many of you unaware that SS is an insurance and NOT a retirement account.
SS is neither. If it where "insurance" then the federal government couldn't keep changing the contract unilaterally. And clearly it isn't an individually owned account.
It is in fact, a classic Ponzi scheme.
Posted on 12/27/14 at 10:21 pm to TigerintheNO
What's the benefit over a standard traditional or Roth IRA?
Posted on 12/27/14 at 10:25 pm to shutterspeed
quote:
What's the benefit over a standard traditional or Roth IRA?
the money is direct deposit from your employer's payroll
Posted on 12/27/14 at 10:26 pm to GumboPot
quote:
Anyone can open a 401k and invest pre-tax dollars
Are you sure? I thought an individual 401(k) is strictly for sole proprietors who have no employees.
Posted on 12/27/14 at 10:28 pm to ljhog
quote:
quote:
Also: why are so many of you unaware that SS is an insurance and NOT a retirement account.
Retirement benefits are part of SS.
Posted on 12/27/14 at 10:32 pm to shutterspeed
quote:
What's the benefit over a standard traditional or Roth IRA?
If you are talking myRA, then none.
If you are talking 401K, then the employer will also contribute. And it is tax deferred.
Posted on 12/27/14 at 10:32 pm to TigerintheNO
I have a 401k through my employer and I have another through TD Ameritrade. It's my understanding anyone can open a 401k account. I'm nothing special. Just an average white collar employee.
Posted on 12/27/14 at 11:47 pm to GumboPot
I didn't realize you could start a 401k through TD Ameritrade
Posted on 12/27/14 at 11:56 pm to GumboPot
quote:
GumboPot
If social security is doing so great why do we now need myRA?
Do you know the difference between insurance and a savings account?
Posted on 12/28/14 at 12:01 am to ljhog
quote:
It is in fact, a classic Ponzi scheme.
Social Security works according to public laws that anyone can read. A Ponzi scheme requires the inner workings of the scheme be kept secret from the investor. Thus SS is not a Ponzi scheme.
Did you know that?
Posted on 12/28/14 at 12:01 am to GumboPot
Some crazies want to force all private 401-k's and IRA's into a government run program. This was especially touted after the crash in 2008. Thankfully, there is not quite enough stupid in D.C. to make this a reality.
I do think social security should become optional on its way to being phased out. I should get the option to opt out. If I was presented a form to sign to say I forfeit everything I have contributed so far over the past 15 years or so but never have to contribute another dime, I would jump all over that in a heartbeat.
I do think social security should become optional on its way to being phased out. I should get the option to opt out. If I was presented a form to sign to say I forfeit everything I have contributed so far over the past 15 years or so but never have to contribute another dime, I would jump all over that in a heartbeat.
Posted on 12/28/14 at 12:06 am to LeonPhelps
quote:
I do think social security should become optional on its way to being phased out. I should get the option to opt out. If I was presented a form to sign to say I forfeit everything I have contributed so far over the past 15 years or so but never have to contribute another dime, I would jump all over that in a heartbeat.
Awesome idea bro. How do we pay current beneficiaries when everyone opts out? Just frick em? Or more debt?
Posted on 12/28/14 at 12:33 am to SpidermanTUba
quote:
How do we pay current beneficiaries when everyone opts out? Just frick em? Or more debt?
Everything that is wrong and has been wrong with SS is wrapped up in those questions.
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