TIAA-CREF, the retirement plan of many university professors and administrators as well as others, has escaped much of the increasing criticism of 401(k)-type plans. A number of academics with TIAA-CREF are even unaware that it is a 401(k)-type plan, thinking that the growing criticisms of 401(k)s don’t apply to their situation. TIAA-CREF has enjoyed relativeContinue reading “How Good Is TIAA-CREF?”
Category Archives: Uncategorized
401(k)s are Retirement Robbery: How the Koch Brothers, Wall Street and politicians conspire to drain Social Security
By James W. Russell Salon.com, May 10, 2014 On the eve of the Reagan presidency in 1980, Milton and Rose Friedman published “Free to Choose,†a proposal for gradually phasing out Social Security. The entitlements of retirees would be honored as would the accumulated credits of contributors who had not yet retired. But no newContinue reading “401(k)s are Retirement Robbery: How the Koch Brothers, Wall Street and politicians conspire to drain Social Security”
The Harkin Plan and the Retirement Crisis
Two days after President Barack Obama announced the establishment of MyRA accounts to help Americans without workplace retirement plans other than Social Security save for retirement, Senator Tom Harkin (D-Iowa) introduced Senate Bill 1979, to establish more ambitious USA Retirement Accounts for the same purpose. Harkin’s USA Retirement Accounts received endorsement from several liberal retirementContinue reading “The Harkin Plan and the Retirement Crisis”
Obama’s MyRA: A New Plan That Will Benefit the Financial Services Industry More Than Retirees
In his 2014 State of the Union address President Obama announced that that he will direct the Department of Treasury to create a new retirement savings plan for workers who do not have 401(k)s. Called My Retirement Account or MyRA, it will allow them to purchase savings bonds with guaranteed rates of interest through automaticContinue reading “Obama’s MyRA: A New Plan That Will Benefit the Financial Services Industry More Than Retirees”
National Save for Retirement Week
You may be excused if you failed to notice National Save for Retirement Week, October 22-28. Promoted by the financial services industry, which profits handsomely from each extra dollar placed in 401(k) and similar retirement savings accounts, the week does not exactly compete with Halloween and Thanksgiving for public attention. The financial services industry would likeContinue reading “National Save for Retirement Week”
Poverty Increasing Among Retirees by Emily Brandon
U.S.News & World Report LP May 21, 2012 http://finance.yahoo.com/news/poverty-increasing-among-retirees-164453772.html (Editor’s note: The following article contains good information about rising poverty among retirees.  This is a predictable result, among other causes, of the  inadequacies of 401(k) retirement plans. JWR) Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research InstituteContinue reading “Poverty Increasing Among Retirees by Emily Brandon”
Obama State of the Union 2012 and Social Security
“As I told the Speaker this summer, I’m prepared to make more reforms that rein in the long term costs of Medicare and Medicaid, and strengthen Social Security, so long as those programs remain a guarantee of security for seniors.” Obama is leaving the door open to cuts to Social Security. Once again, those ofContinue reading “Obama State of the Union 2012 and Social Security”
Why 401(k)s Failed
As Boomers are preparing to retire, the news is full of stories about how their 401(k) plans are coming up short. Most of the stories imply that it’s the Boomers own fault for not saving enough. That explanation, though, grossly distorts the cause of the growing retirement crisis in the United States that was fueledContinue reading “Why 401(k)s Failed”
Stockman’s March to Social Madness
David A. Stockman, Ronald Reagan’s Director of Management and Budget, came right out and said it in an April 24, 2011 New York Times op-ed, “The Bipartisan March to Fiscal Madness:â€Â Social Security should be reduced to a means tested program that would benefit only the poor. Instead of being the primary source of middle andContinue reading “Stockman’s March to Social Madness”
Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency
The alleged long term shortfall in Social Security revenue can be easily remedied if the rich were required to pay taxes for the program based on their total incomes as they are required to for other parts of the federal budget such as defense. Right now they pay Social Security taxes on currently only theContinue reading “Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency”