That's was one of those points, yesterday evening, where the entire audience laughed but it was definitely one of those "if we don't laugh, we'll cry." In the proposed plan, if you die within a certain time period before retirement, your children will inherit your private account. Ms. Kennelly's comment was, "So, if you want to make sure your kids inherit your full personal account, arrange to die at age sixty." Heh.
I do think it would be a major plus to educate the country more thoroughly on the importance of savings, and making savings plans more affordable. Currently the minimum of an IRA is $1K, and for a long stretch in my working life, $100 was out of the question. $1000 was a princely sum. IRAs are great, but not if they're unaffordable for the majority of Americans.
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Date: 9 Feb 2005 12:16 am (UTC)I do think it would be a major plus to educate the country more thoroughly on the importance of savings, and making savings plans more affordable. Currently the minimum of an IRA is $1K, and for a long stretch in my working life, $100 was out of the question. $1000 was a princely sum. IRAs are great, but not if they're unaffordable for the majority of Americans.