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Republicans and Democrats in the House and Senate have introduced bills that would cut their pay. Most are tied to deficit reduction. And they’ll never pass.
My neighbor had his hip replaced. Medicare paid for everything — nearly $50,000 worth of surgery, hospitalization, medicine and rehabilitation. It was life changing for Jim, who had gotten to the point where he could barely walk. It wasn’t long ago that a guy like him living in retirement who had worn out his body
Any congressional assault on 401(k)s in the name of deficit reduction seems particularly shortsighted as 72 million baby boomers rush toward retirement without much savings. Talk about the potential for economic meltdown. Fidelity Investments, which manages 401(k)s for 11 million workers, recently surveyed them about their retirement planning and discovered that 55 percent wouldn’t be
There have been 101 reader comments so far on the retirement planning blog that I wrote last week about Congress considering ways to reduce the tax deductions associated with 40(k)s and other tax-advantaged retirement savings plans in order to reduce the deficit. Most of the people who posted have similar opinions: They want Congress to
Last December as Congress was debating what to do about expiring tax laws, a CBS News poll found that 73 percent of Americans believed the budget deficit was a very serious problem. How did more than half of those surveyed suggest reducing the deficit? By letting the Bush-era tax cuts for those in the higher
The deficit reduction panel, otherwise known as the National Commission on Fiscal Responsibility and Reform, released its final recommendations this week. One of the things it took aim at is tax-advantaged 401(k) savings accounts, an important part of most people’s retirement planning. The proposal would: Consolidate retirement accounts (401(k)s, IRAs, SEPs, etc., into one retirement
The National Commission on Fiscal Responsibility and Reform, the bi-partisan commission charged with identifying policies to balance the budget, released its initial report today and took aim at Social Security. Obviously, this is just the beginning of the discussion. However, any possible outcome is almost certain to have both an immediate and a long-term impact on
