Setting Every Community Up for Retirement Enhancement (SECURE) Act

[Qxxx]

I’ve never heard of such a program and don’t believe one exists, tho I could possibly be wrong.

I made a post in the parallel thread describing the $1 Trillion in handouts, and which comes straight out of the national debt. Dividing a trillion by 40 million poor averages $25,000 apiece.
https://vanlivingforum.com/showthread.php?tid=39086&pid=480040#pid480040

And I know most everyone believes SS is a "retirement" program, but it's really a direct pay-through program, and has always been that way. The money we all paid in for 40 years or so just went straight out the door into other people's pockets, and it still works that way. 

I have 3 actual retirement accounts. My employees and I paid a certain amount into actual accounts, and that money was invested and belongs 100% to me. That's not at all how SS works, even though most people seem to believe it. The gobmint never invested money in our names. [font=Tahoma, Verdana, Arial, sans-serif]If the "youngsters" today were to stop paying into SS for some reason, all of us codgers would suddenly be getting next to nothing out of it. [/font]

 

[mpruet]

The SECURE act has nothing to do with SS or welfare.  It has to do with making folks a bit more successful in creating viable retirement accounts.  

I hear all the time folks saying “I don’t have enough left over at the end of the month to save anything.”  Of course they don’t.  Only the most disciplined will have money at the end of the month for savings.  That’s why successful savers move money into savings as soon as they get a paycheck.  They save first.  And that’s why I think the business about multi-company 401K plans as part of the SECURE act is good for many folks working as part of small businesses.  A 401K pulls money out before the employee receives the paycheck and the tax deferment will reduce their tax obligation.  Automatic savings is by far the best way to build up a good retirement.

 

[Qxxx]

Automatic savings is by far the best way to build up a good retirement.

That's always true. When I was working, I was saving $1,000 a month in addition to what went into SS and also my organizational retirement accounts. Why can't people realize that not everyone can do this?

Eg, way way back, my first job out of college was paying $8300 per year. And I figured after taxes, rent, living expenses, SS withdrawals, plus car and college loan payments, I had about $10/week left over. Today, too many people are in that same boat for many different reasons. They just can't break out of it, and get to where we were at.

 

[WanderingRose]

I made a post in the parallel thread describing the $1 Trillion in handouts, and which comes straight out of the national debt. Dividing a trillion by 40 million poor averages $25,000 apiece.
https://vanlivingforum.com/showthread.php?tid=39086&pid=480040#pid480040

Mmm, looks like the “ $1 Trillion in handouts“ is what I suspected, calculating monetizaton of a wide array of in kind services.

Other than SS/SSDI, almost none of that is in cash assistance.

At any rate, one of the things that has changed since I was coming up is the borrowing of vast sums of money to go to college or some other kind of secondary training.

When I was graduating high school, if your parents couldn’t pay for your college you worked full time and went to school part time.

With huge student loan debt, many graduate college and can’t find a job that allows them to pay on their student loans as well as take care of themselves.

Much less save for even a rainy day, much less retirement.

One place to start.

 

[mpruet]

At any rate, one of the things that has changed since I was coming up is the borrowing of vast sums of money to go to college or some other kind of secondary training.

When I was graduating high school, if your parents couldn’t pay for your college you worked full time and went to school part time.

With huge student loan debt, many graduate college and can’t find a job that allows them to pay on their student loans as well as take care of themselves.

I fully agree, but want to point out that the cost of going to college didn’t skyrocket until the government started guaranteeing student loans even if the person taking the loan was unqualified to take a loan by most banks.  I suspect that that easy loan money is one of the key reasons that the cost of going to school started skyrocketing.  

I was really amused when Maxine Waters asked Jamie Dimon (CEO of J.P. Morgan what he was doing to help students get out of their student loan debts and Dimon responded that since the government started insuring student loans (SALIMAE), his bank no longer made student loans.  The other bankers said the same thing.  Another example of how things get messed up when the government intervenes.