The GOP’s Plans for Your Retirement Accounts

make all polititians retire on social security

this would get changes in social security, i'm 68 retired from one job, i also work full time to help my wife and i survive, my total income from ss and a very small retirement is 1300.00, out of this i pay back into ss about 80.00 per month, and i'm also taxed on my ss. what's wrong with ths picture?

marshall bailey of FL @ Mar 28, 2009 10:17:08 AM

Tax is not the Answer, Enough "Change You Can Believe In"

Dear SoCal Gal I work my butt off for years to get to retirement and you want the rules changed, Taxed as Capital Gains??? What a great incentive to participate, Spread the Wealth Right???? Either You are living the good life because somebody else made the money or were born with a Silver/Gold Spoon circumstance. Leave the Retirements Alone,just like Ronald Reagan said "The scariest words in the U.S.A., I'm from the Government and I'm here to Help". How can you even suggest raisng the retirement age, I am hoping to be able to retire in 5-6 years because I have tried to do the right thing. You sound like Pelosi, if she would have earned what she has it would come with a greater appreciation and respect for others who have done so. Leave My Money the Heck Alone !!!!!

AZ Working Man of AZ @ Mar 28, 2009 00:12:00 AM

Retirement Account Truths

Kill everything! Now do the right thing: Set up government IRA for every person who works. Absolutely no use by any person or government entity for any reason other than retirement of the owner at age 65. No exceptions! All other entitlements to be set by separate programs.

If this had been done for me, I would be getting 3-4 times my current monthly income when I retired at 65. My other retirement checks would be bonuses, not requirements just to meet needs. I spent fifty four years working, I have a small house, a 1996 auto with 224000 miles on it, and after bills I got maybe 100-200 bucks left. A meal out, a round of golf and that's mostly gone. If gas goes back up, well you know I'll be looking for part time work. Still I am happy. My family has it so much better than so many others around the world. God bless America!

Kegler299 of TN @ Mar 27, 2009 21:20:40 PM

My Suggestions

Will these help? Perhaps. Here's my suggestions:

1. Eliminate or reduce the required IRA distributions

2. Tax IRA/401(k) withdrawals as capital gains (which they are) rather than as income

3. Raise the retirement age, and the ages at which SS can be taken (sorry folks, but the current ages are just too low)

4. Put in place a unified retirement savings program for all US citizens. Get rid of the ridiculous alphabet soup of retirement plans (SEP-IRA, IRA, Roth IRA, 401(k),SIMPLE IRA, etc). Good grief, keeping track of this is a pain (most of us will change jobs 8-10 times in our working life) and uneven and unfair. Some of us are capped at $20,000/year savings (not that I've ever met those numbers), while others can save their entire income.

SoCal Gal of CA @ Mar 27, 2009 14:39:38 PM

I'm Confused

Is this a political blog or a money blog? The reason I ask is in this phrasing...

"blocking efforts to introduce government-run retirement accounts"

...did you read that on Huffington Post this a.m.?

so, the GOP is for the status quo with 401ks and IRAs. you spin the "status quo" into "blocking efforts"

besides, isn't that a good thing? since when does trusting the US govt sound like a good idea. (i.e. AIG Bonuses)

the govt needs to stay out of my retirement.

auto-enroll in 401k is a good idea, but the govt shouldn't mandate that companies do it. nor should they mandate some other retirement plan like a govt run IRA. look up failed govt retirement plan in the dictionary and you'll find a little thing called Social Security.

as for the boehner comment...when are lower taxes ever a bad idea? just b/c they don't affect you doesn't make someone a liar. get a life, dude.

PT Money of TX @ Mar 25, 2009 17:11:33 PM