...because the FICA that virtually all wage earners pay, no matter what our age is, goes into paying the current benefits. If it wasn't, we wouldn't have the problem - relatively minor compared to Medicare - that we have now. It's been compounded by the federal government using the amount of money over what's being paid out to retirees to mask the size of the federal deficit. That overage won't exist for too much longer. A past job of mine had a 5% mandatory contribution to a retirement account. Frankly, I didn't miss the $, for it started on day 1 (and the job paid roughly the same as the one I had before that)...it wasn't a Roth - those didn't exist back then - but that feature would make it that much more desirable. I'd make these accounts 5% and the opt out not possible for at least 6 months into the job. Statistics have proven that having an automatic provision has improved the participation in IRAs, and that's what this country truly needs, for so many people think that Social Security alone is enough to support them, which is false.
BDof WA9:43PM August 31, 2010
An "R" Bond as they are called is really a junk bond. Its a scam, like 99% of the BS that comes out of the District of Criminals.
CBof VA1:04PM August 21, 2010
They should allow young workers below the age of 40 an opportunity to opt out of the FICA tax as long as the 6.5% contribution is allocated to a qualified retirement plan or IRA.
Danielof NM11:16AM August 12, 2010
There is nothing to consider before converting to a Roth IRA. I thought there were certain things to assess before converting just like everyone else; but after I read The Gospel of Roth by John Bledsoe, it was clear that I should convert. The book completely contradicts what I had been reading off every news site and explains how converting as soon as you can is the best option. Because you don't have to decide whether you want to keep it as a Roth IRA or convert it back to a regular IRA until October 17th, 2011, converting now is like having a free look at the future. If it proves better to convert, then you already converted. If you should have left it as an IRA to save taxes, then convert it back free of penalty. The Gospel of Roth is easy to read and straight forward, and practically made my decision for me.
Maximilan Frostof NY8:48AM August 11, 2010
If the "default" option is the Roth, shouldn't it be called the "Automatic Roth IRA" ?
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BD of WA 9:43PM August 31, 2010
CB of VA 1:04PM August 21, 2010
Daniel of NM 11:16AM August 12, 2010
Maximilan Frost of NY 8:48AM August 11, 2010
http://www.AutoIRA.us of CA 9:28PM August 09, 2010