I agree on the abuse of the system unfortunately I see it every day at my work and it makes me cynical. BTW I also looked up a little more on the social security website and found that drug addicts are no longer covered under social security and those disibility who do not qualify (not a survivor spouse or child) or have not paid in to social security go onto something called supplemental security which is not funded by social security. Glad to see they cleaned that up at least!
I think there is nothing wrong with ending the tax exemption for 401ks, anyone with the
luxury of a 401k is a moderately high income earner compared to everyone
else. Democrats want to make everyone dependent on social security for
retirement, because that forces higher income earners to bare a bigger
tax burden for providing retirement money to everyone else.
That's not necessarily true. I am offered a 401k at my current job. I'm in a field where I will end up making significantly more if I stick to it, but for now I am in the $9-12 an hour range. If that's moderately high income were all f**d sideways! hehe
Price of taking from retirement too much. When things get hard, you need to never pull cash out of your investments. You may have a retirement account with some cash sitting in it, but it should never be touched. Even in an emergency, you can just get installment payday cash advances rather than taking out of your retirement.
Terrible idea to remove the pretax benefits of the 401k. Luckily my employer gives us 6%. I'm not sure why they'd tax it now, since you have to pay tax on it eventually.
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