Posted on 01/04/2014 6:06:03 AM PST by Sir Napsalot
WASHINGTON – Experts told a Senate panel Congress should expand Social Security for the poor and encourage middle- and upper-income individuals to ramp up private savings to improve their retirement prospects.
Sens. Sherrod Brown (D-Ohio) and Patrick Toomey (R-Pa.) recently held the first of a series of hearings focused on how to enhance retirement security for Americans.
From 1979 to 2011, the number of private workers with retirement plans covered by defined benefit pension plans fell from 62 percent to 7 percent. At the same time, the percentage participating in defined contribution plans increased from 16 percent to 66 percent. This shift to defined contribution plans as the primary retirement vehicle has transferred the responsibility and risk for capital accumulation for retirement from employers to employees.
“At a time when we’re told that we are in charge of our retirement futures, only one quarter of American workers have automatic access to a defined contribution plan,” Brown said.
(snip)
Brown said that many middle-class and low-income seniors rely on Social Security for a majority of their retirement income.
“The vast majority of economic gains in the last 25-30 years have gone to those at the very top of the income distribution in this country, obviously affecting savings and retirement,” Brown said.
(Excerpt) Read more at pjmedia.com ...
Just like they have to tear down the whole American health care industry to 'protect the millions of uninsured (including non-Americans)'. I have a VERY BAD feeling about this.....
Expand a program that is going bankrupt?
The logic of Congress.
The rest of you better save and save and save and pray to God we don’t pull a Cyprus on you...
So many asinine comments (and the 'thinking' process) to pick from.
First they need to make a law that it is illegal to pilfer Social Security funds by government and a plan to repay the $13.4T that was stolen. The states that took the pork monies that came form Social Security should pay the funds back with interest. The representatives that took the money for pork should have their pensions reduced to 0 and pay fines for theft and even go to jail.
I predict that the solution will be a proposal to put all 401K balances in “guaranteed” government bonds.
We need no more laws.. laws are why this country is in the mess it is.
We need part time legislators to be called up one or two weeks a year at best or during a non-manufactured crisis threatening the US.
How much you want to bet the fix will include means testing? If you saved for your retirement and/or you have a pension of any kind, you will get no SS. THAT will be their fix.
Why do I get the sense that Toomey as being not grounded in reality either?
Statistics being paraded before the hearing says less and less middle-class saved enough for their own retirement, let alone the 'poor'. Most of these (I'll bet) may think some form of government intervention will help them one way or another.
No the solution is to confiscate all 401k accounts,place the funds in the social security program to give every citizen,including illegal aliens a retirement check.That is the equality solution,it’s not fair that only the rich should have a retirement account.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
Social Security Liability: $16,782,637,400,000 and counting.
Click on the link to see how much higher it has risen since I posted…
DISMANTLE social security. DEPOPULATE socialists from the body politic.
Socialism Is Legal Plunder - Bastiat
So expand Social Security for the "poor" (as defined by the government) and make everyone else save. Meanwhile everyone continues to pay into Social Security. Sounds like "free health care" all over again.
This is an excuse to steal your 401k and IRA.
These government bow wows would do well to just butt out.
And whose fault is that??? Senators, Congressmen, Presidents and bureaucrats, both establishment Republicans and Democrats alike, in collusion with their big business benefactors. And we are supposed to believe that they will fix what they intentionally created??? Nuts. . . Tea Party types are the only hope we have left.
You got it,but don’t be upset,it’s all in the name of equality,I’m sure our dear leaders will lead by example,they will forgo their government pensions.
“Around thirty-million Americans between the ages of 50 and 64, one half of those nearing retirement, have no retirement savings at all.”
I can’t believe there are that many people willing to rely on a check from the government to live. I started contributing to an IRA in college after a guy I dated showed me a chart and how it grew exponentially at the end. I just made it a habit. Of course that whole rate of return thing has been shot to hell.
"expand Social Security for the poor"Translation: More free stuff for Obama's Free Stuff Army.
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