Posted on 02/22/2021 10:14:47 AM PST by NohSpinZone
Kimberly Owens doesn’t know if retirement will ever be a reality for her. A well-educated project coordinator in her late 40s, she has pulled from her retirement funds for emergencies twice in 20 years. Her 401(k) balance is in the low-five figures.
“I’m going to be working until I am 75 at this rate,” said Ms. Owens, who works for the New Haven, Conn., campus of a medical-device company. “I’m not anywhere close to where I thought I was going to be at this point in my life.”
SNIP
Even before the pandemic hammered the economy, Black families on average had roughly one-sixth the savings set aside for retirement compared with white families, according to an analysis of government data by the Urban Institute think tank. That is $25,000 in retirement savings accounts for Black households as of 2016 versus $158,000 for white households. Hispanic households fared only slightly better than Black ones at $29,000.
“There is no silver bullet to correct the inequities that are 400 years in the making and deeply ingrained in our systems, institutions, and laws,” Richard Neal (D., Mass.), chairman of the House Ways and Means Committee, wrote in a recent report on health and economic equity.
(Excerpt) Read more at wsj.com ...
I wouldn't put it past some Dimm to offer up a bill that redistributes retirement savings more "equitably".
Make 401k participation amongst blacks compulsory. Problem solved.
She can go pound sand.
If there is a $15/hour minimum wage, those living off of retirement accounts won’t be able to afford the associated cost of living expenses anyhow.
Total confiscation of everybody’s 401(K), IRAs, KEOGHs, and Roths.................watch for it..............
Don’t go injecting common sense in here, now! Feelings, feelings, feelings!
Yes, I didn’t realize that 401K is 400 years old
You are SPOT ON. That is exactly what I fear is coming. This is one of the reason I don’t even want to do conversions to Roth IRAs. I trust Congress as far as I can throw Capitol Hill.
I would have advised her not to touch her 401K under any circumstances.
What is your financial horizon? 30 years? 10 years? 1 year? Friday night? Answer that and you will gain some insight into what your retirement prospects are.
Yes, even Negroes have to sacrifice. Skip the bling, the grillwork, the 1000 dollar iPhones, the hair weaves, eating out, luxury vacations, fancy cars. Don't use your retirement savings for anything but retirement. Even simple investments like index funds will work wonders. As the article says: "There is no silver bullet".
Mimic what prosperous White folks do.
I am so sick of hearing about the poor black plight in everything. Do they honestly think white people don’t have problems, headache, discrimination and loss? Black people should be embarrassed to constantly be labeled as underdogs, unable to function, and always needing.
We have more people with college degrees than ever before but it seems like we get dumber and dumber (as a society) about a lot of things.
I wonder how many college graduates (with five-figure school loans to pay off) got even an hour of personal finance instruction in those fancy schools they went to.
Accurate and logical. But clearly racist. To Cancel Culture Court for you and possibly a stretch in re-education camp.
Yep. That is the goal. It’s the reversal of the grasshopper and the ant.
I don’t get retirement anyway. As long as a person is able to work and support himself, he should be working at something. Maybe not work at the same job or even full-time, but the Bible says we should work if we are able. If they don’t need income, then they could volunteer somewhere.
Besides, we house-persons (being PC here) never get to retire until we are too old to cook and clean, so why should my old man, eh? :-)
And you know what never ever gets covered? The importance of personal responsibility and the ramifications of making poor decisions.
Removing retirement funds twice for any reason is devastating. Not starting very early is worse. Not maxing is the third problem. Those are all choices.
All low income workers are hurt by Socialist Security. They end up with much less than they should have if that money had been invested. Then, when you die, the remaining value is gone, instead of available for inheritance.
doesnt say how much she took out, twice..
pitiful people looking to assign blame somewhere else.
I have several retired friends and acquaintances. Every one of them has gotten a job of some sort.
The reason is not money.
There is only so much golfing, fishing, traveling, playing with grandkids or hobbies that you can do before it gets dull and boring.
You have to have something that fulfills your sense of self worth.
I plan on never retiring unless I absolutely can’t work for health reasons...................
Dems Target Private Retirement Accounts
https://www.carolinajournal.com/news-article/dems-target-private-retirement-accounts/
Oh it is just laying around in somebody’s desk drawer from 2007.
“Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.”
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