Forced Savings

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dubshow
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NJ braving a new frontier of mandated savings... :wtf:

https://www.nj.com/politics/2019/03/you ... -know.html

inb4 they steal the funds for some other harebrained .gov scheme. At least you can opt out buit the fact they are forcing employers to enroll you is fucked. Like leaving the default settings checked.
The Secure Choice Retirement Plan aims at boosting New Jerseyans’ retirement nest eggs by automatically enrolling workers in an IRA that is managed by the state. The state has at least two years to get the program up and running.
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dubshow wrote: Thu Mar 28, 2019 10:10 am NJ braving a new frontier of mandated savings... :wtf:

https://www.nj.com/politics/2019/03/you ... -know.html

inb4 they steal the funds for some other harebrained .gov scheme. At least you can opt out buit the fact they are forcing employers to enroll you is fucked. Like leaving the default settings checked.
The Secure Choice Retirement Plan aims at boosting New Jerseyans’ retirement nest eggs by automatically enrolling workers in an IRA that is managed by the state. The state has at least two years to get the program up and running.
Oh fucking hell....
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Interesting. It will probably be a shit show.

Honestly though it's amazing to me how few people actually save any money for retirement. Many many many people save absolutely nothing, hence why we have social security. So a little part of me likes that, for the employee at least, it will be an easy thing to get into or out of with transparent fees and rates.

This is going to be a huge burden on small businesses that aren't set up to have payroll deductions. For anyone without an HR department this will be a nightmare.
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Johnny_P wrote: Thu Mar 28, 2019 11:03 am Interesting. It will probably be a shit show.

Honestly though it's amazing to me how few people actually save any money for retirement. Many many many people save absolutely nothing, hence why we have social security. So a little part of me likes that, for the employee at least, it will be an easy thing to get into or out of with transparent fees and rates.

This is going to be a huge burden on small businesses that aren't set up to have payroll deductions. For anyone without an HR department this will be a nightmare.
I feel like I'm behind on my 401K, but in reality I'm probably ahead of the curve. Sad reality
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Acid666 wrote: Thu Mar 28, 2019 12:29 pm
Johnny_P wrote: Thu Mar 28, 2019 11:03 am Interesting. It will probably be a shit show.

Honestly though it's amazing to me how few people actually save any money for retirement. Many many many people save absolutely nothing, hence why we have social security. So a little part of me likes that, for the employee at least, it will be an easy thing to get into or out of with transparent fees and rates.

This is going to be a huge burden on small businesses that aren't set up to have payroll deductions. For anyone without an HR department this will be a nightmare.
I feel like I'm behind on my 401K, but in reality I'm probably ahead of the curve. Sad reality
401k is only one part of retirement savings though. If you’re saving and investing on your own you are probably in a decent position regardless.
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Tons of employers auto-enroll employees in their 401k programs. Doing that increases the participation rates dramatically (obviously). But that it's a gubmint fund and not a private account like any 401k provider would offer is a bit fucked.
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dubshow wrote: Thu Mar 28, 2019 10:10 am NJ braving a new frontier of mandated savings... :wtf:

https://www.nj.com/politics/2019/03/you ... -know.html

inb4 they steal the funds for some other harebrained .gov scheme. At least you can opt out buit the fact they are forcing employers to enroll you is fucked. Like leaving the default settings checked.
The Secure Choice Retirement Plan aims at boosting New Jerseyans’ retirement nest eggs by automatically enrolling workers in an IRA that is managed by the state. The state has at least two years to get the program up and running.
I don't think that's a bad thing. Because otherwise we'll be paying more for the people with sub 620 credit scores rolling in brand new cars. This way they can't afford to be that stupid.
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max225 wrote: Mon Apr 08, 2019 9:12 pm
dubshow wrote: Thu Mar 28, 2019 10:10 am NJ braving a new frontier of mandated savings... :wtf:

https://www.nj.com/politics/2019/03/you ... -know.html

inb4 they steal the funds for some other harebrained .gov scheme. At least you can opt out buit the fact they are forcing employers to enroll you is fucked. Like leaving the default settings checked.

I don't think that's a bad thing. Because otherwise we'll be paying more for the people with sub 620 credit scores rolling in brand new cars. This way they can't afford to be that stupid.
Just like social security is a great deal for the working man..... :yeahok:

thanks .gov. Let me manage my own financial destiny.
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max225
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dubshow wrote: Tue Apr 09, 2019 9:09 am
max225 wrote: Mon Apr 08, 2019 9:12 pm

I don't think that's a bad thing. Because otherwise we'll be paying more for the people with sub 620 credit scores rolling in brand new cars. This way they can't afford to be that stupid.
Just like social security is a great deal for the working man..... :yeahok:

thanks .gov. Let me manage my own financial destiny.
People are too stupid with money.
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max225 wrote: Tue Apr 09, 2019 11:08 am
dubshow wrote: Tue Apr 09, 2019 9:09 am

Just like social security is a great deal for the working man..... :yeahok:

thanks .gov. Let me manage my own financial destiny.
People are too stupid with money.
And the .gov is better? :notsure:
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Apex wrote: Tue Apr 09, 2019 12:12 pm
max225 wrote: Tue Apr 09, 2019 11:08 am

People are too stupid with money.
And the .gov is better? :notsure:
:dat:

Making savings optional for all.
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Apex wrote: Tue Apr 09, 2019 12:12 pm
max225 wrote: Tue Apr 09, 2019 11:08 am

People are too stupid with money.
And the .gov is better? :notsure:
I don't know but I don't want to bail the poors out and the social programs are out of control. So forcing people to save is a good idea IMO.
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goIftdibrad
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max225 wrote: Tue Apr 09, 2019 12:50 pm
Apex wrote: Tue Apr 09, 2019 12:12 pm

And the .gov is better? :notsure:
I don't know but I don't want to bail the poors out and the social programs are out of control. So forcing people to save is a good idea IMO.
you know what we should do, have a social welfare program that uses wages from people currently working to pay the retirement of older people, that way older people can have the security to know that whatever happens they will have some income in old age.

we could call it 'social security'
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Big Brain Bradley wrote:
max225 wrote: Tue Apr 09, 2019 12:50 pm I don't know but I don't want to bail the poors out and the social programs are out of control. So forcing people to save is a good idea IMO.
you know what we should do, have a social welfare program that uses wages from people currently working to pay the retirement of older people, that way older people can have the security to know that whatever happens they will have some income in old age.

we could call it 'social security'
UBI :bruh:
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max225
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Big Brain Bradley wrote: Tue Apr 09, 2019 1:41 pm
max225 wrote: Tue Apr 09, 2019 12:50 pm

I don't know but I don't want to bail the poors out and the social programs are out of control. So forcing people to save is a good idea IMO.
you know what we should do, have a social welfare program that uses wages from people currently working to pay the retirement of older people, that way older people can have the security to know that whatever happens they will have some income in old age.

we could call it 'social security'
Yea $1200 a month is enough to be doing great in India, but not in the USA.
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goIftdibrad
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max225 wrote: Tue Apr 09, 2019 1:44 pm
Big Brain Bradley wrote: Tue Apr 09, 2019 1:41 pm

you know what we should do, have a social welfare program that uses wages from people currently working to pay the retirement of older people, that way older people can have the security to know that whatever happens they will have some income in old age.

we could call it 'social security'
Yea $1200 a month is enough to be doing great in India, but not in the USA.
if only we didn't give it to every swinging dick that gets 'disabled', squander the trust fund, raise retirement age with reasonable extension of life expectancy, etc, etc.
brain go brrrrrr
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troyguitar wrote: Tue Apr 09, 2019 1:44 pm
Big Brain Bradley wrote:
you know what we should do, have a social welfare program that uses wages from people currently working to pay the retirement of older people, that way older people can have the security to know that whatever happens they will have some income in old age.

we could call it 'social security'
UBI :bruh:
In the flat tax world we call this a prebate!
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Big Brain Bradley wrote: Tue Apr 09, 2019 1:55 pm
max225 wrote: Tue Apr 09, 2019 1:44 pm
Yea $1200 a month is enough to be doing great in India, but not in the USA.
if only we didn't give it to every swinging dick that gets 'disabled', squander the trust fund, raise retirement age with reasonable extension of life expectancy, etc, etc.
The current SS age is like what 69? That's essentially life expectancy in the states. :disgust:
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Big Brain Bradley wrote:
troyguitar wrote: Tue Apr 09, 2019 1:44 pm UBI :bruh:
In the flat tax world we call this a prebate!
:dat:

Same thing. Get rid of all the complex programs, give everyone UBI + medicare, reduce military spending by 1% and increase the tax rate on the top 1% by flattening the rates WITHOUT FUCKING DEDUCTIONS FOR ANYTHING EVER. Done.

Boldly go where no one has gone before.
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troyguitar wrote: Tue Apr 09, 2019 2:05 pm
Big Brain Bradley wrote:
In the flat tax world we call this a prebate!
:dat:

Same thing. Get rid of all the complex programs, give everyone UBI + medicare, reduce military spending by 1% and increase the tax rate on the top 1% by flattening the rates WITHOUT FUCKING DEDUCTIONS FOR ANYTHING EVER. Done.

Boldly go where no one has gone before.
:notwrong:
brain go brrrrrr
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goIftdibrad
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max225 wrote: Tue Apr 09, 2019 2:02 pm
Big Brain Bradley wrote: Tue Apr 09, 2019 1:55 pm

if only we didn't give it to every swinging dick that gets 'disabled', squander the trust fund, raise retirement age with reasonable extension of life expectancy, etc, etc.
The current SS age is like what 69? That's essentially life expectancy in the states. :disgust:
I think its 62 & 65 but I honestly dont know for sure nor do I care to investigate
brain go brrrrrr
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troyguitar wrote: Tue Apr 09, 2019 2:05 pm
Big Brain Bradley wrote:
In the flat tax world we call this a prebate!
:dat:

Same thing. Get rid of all the complex programs, give everyone UBI + medicare, reduce military spending by 1% and increase the tax rate on the top 1% by flattening the rates WITHOUT FUCKING DEDUCTIONS FOR ANYTHING EVER. Done.

Boldly go where no one has gone before.
:bravo:
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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max225 wrote: Tue Apr 09, 2019 12:50 pm
Apex wrote: Tue Apr 09, 2019 12:12 pm

And the .gov is better? :notsure:
I don't know but I don't want to bail the poors out and the social programs are out of control. So forcing people to save is a good idea IMO.
how do you think stealing more peoples money and applying it to the .gov fixes the mistakes of previous .gov money grab???

.gov+.gov=MORE .gov. Its like burning the available cash candle at both ends for the average person. The candle will burn out and the money will still be gone.

Force savings that individuals can control, like the botched healthcare debacle. Let me opt out if I pass the "not totally fucked" financial metric. We'd all be light years ahead. But just like the shitty healthcare mandate, they need to steal from others and marginalize the results for everyone...
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Big Brain Bradley wrote: Tue Apr 09, 2019 2:17 pm
max225 wrote: Tue Apr 09, 2019 2:02 pm

The current SS age is like what 69? That's essentially life expectancy in the states. :disgust:
I think its 62 & 65 but I honestly dont know for sure nor do I care to investigate
:dat: is my recollection as well.
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