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Response to SunSeeker (Original post)

Thu Sep 29, 2016, 05:44 PM

1. The Republicans are mad because this competes with financial firms...

Totally ignoring the fact that individual LLC's and small businesses typically do not have pension or 401K plans for their partners and employees, not to mention the businesses that are on such a shoestring they categorize their workforce as "contractors" and provide workers with 1099's instead of W-2's, leaving the employees totally on their own when it comes to retirement.
These businesses and their workforce they afford to get more than a savings account at a bank or credit union, if they do have enough profit to start thinking about retirement for themselves or their employees. They're not going to go to Vanguard and pay additional fees to get into a lower ranked managed retirement account pool; they'll go to a bank and let the manager be their "financial consultant" on a money market or the limited number of CD's or Roths, and end up with far less to live off when they reach their 70's than they would with a typical company 401K.
I don't make enough to go to a financial advisor on my own; I'm lucky that I can manage to part with $100 a month to put into some form of retirement.
At least my current company provides me with either a Prudential or a Vanguard retirement account, and matches every dollar up to $200 a month, which helps a lot.

Managed pension pool accounts like this are the way to go for the million or so independent or small business workforce typically grossing between $40K and $60K annually. They may not have much when they retire, but at least the State account will be more reliable than most commercial accounts available to them.

Haele

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SunSeeker Sep 2016 OP
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haele Sep 2016 #1
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