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View Diary: Senate Democrats ready to push Social Security expansion (110 comments)

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  •  IRA's (3+ / 0-)
    Recommended by:
    Stills, splashy, NewRomeIsBurning

    are not feasible, except for the bankers,  but they have been encouraged for 30 years.

    •  IRA's have been very beneficial to my family... (0+ / 0-)

      Including my parents who invested in them to the max. In most cases, I think they are a no-brainer for the long term. You need to follow the common sense recommendations as you near retirement age, but they really are a great deal for many.

      •  IRAs are good for some people, but not everyone (0+ / 0-)

        When there are economic downturns, people who lose their jobs often have to draw on their IRAs to get by.  I worked with people who definitely had a good enough income to have decent IRAs, but some lost their jobs and were unemployed so long they ended up with no money in their IRA at age 55 when they finally picked up another job.  

        And those are the people earning enough to have a decent IRA.  My brother has less than 5,000 in an IRA at age 52, and he's earning just a little above the minimum wage (and likely to stay at that level if he is even able to stay employed).  He will never have an IRA that will really help with his retirement needs.

        Looking at my Mom who has been able to squeak by on SS for many years, I see my brother's future as bleak unless something is done to boost SS.  Mom had a house that was mostly paid off, and now she is able to use a reverse mortgage to draw enough to pay the bills.  My brother has no house, not even a car.

        Between having to draw on IRAs during economic hard times and the massive losses on the market, I think IRAs have been debunked as the solution that will work for the vast majority of people.  IRAs may work for a portion of our society, but they are not a solid safety net.

        This proposal is realistic.  I don't think we should think of this as a throw away.  It might not happen right away, but something needs to change and this looks like a good going in position.

        Still trying to figure it all out

        by CindyV on Wed Jun 11, 2014 at 04:38:50 PM PDT

        [ Parent ]

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