Agency mistakes in federal retirement–who pays the price?: Hearing before the Subcommittee on the Civil Service of the Committee on Government Reform … Fifth Congress, first session, July 31, 1997
September 22, 2008
The Looting of Social Security: How the Government is Draining America’s Retirement Account
September 22, 2008
The Looting of Social Security: How the Government is Draining America’s Retirement Account
Customer Review: WHAT trust fund?
The Social Security Tax was challenged in the Supreme Court shortly after it was passed into law. The government’s lawyers argued…
“These are true taxes,” they stated, “their purpose simply being to raise revenue…. The proceeds are paid into the Treasury as internal revenue collections, available for the general support of the government.”
They HAD to take that position, to keep the tax from being struck down on constitutional grounds.
The court ruled in favor of the government. In the summary, the court stated…
“The proceeds of both taxes (SS and unemployment) are to be paid into the Treasury like internal-revenue taxes generally, and are not earmarked in any way.”
There is not, and never has been a true SS trust fund or “retirement account” to loot. Any excess funds are replaced by government bonds (IOU’s) and the money deposited in the general spending account. That’s the way the system was designed.
Customer Review: The problem started with the Kennedy-Johnson tax cuts
Smith is correct that counting the social security trust fund surplus as part of the federal government’s general revenue ,in order to mask the size of the budget deficit, is dishonest .Although Smith correctly mentions that it was President Johnson who started this practice,he doesn’t emphasize it sufficiently,in my opinion.Johnson implemented Kennedy’s mistaken and misguided tax cut plan(similar to the error filled tax cut plan of Warren Harding and Andrew Mellon in 1922) of 1964 at precisely the same time that he was planning massive increases in federal spending to fight the Vietnam War and the War on Poverty.Johnson started the practice of including the social security surplus in the federal budget revenues to hide and mask from the American people the size of the budget deficits he was creating.[It will be noted her that J M Keynes was an opponent of deficit financing.Deficit financing is part of the functional finance approach of the American Keynesian-Neoclassical Synthesis economist Abba Lerner.Keynes expressed severe disagreement with Lerner’s approach in 1944.Nor was Keynes in favor of income tax cuts.The only tax Keynes would cut would have been the social security tax for workers only].The Reagan and Bush presidencies have simply copied the approach of Kennedy-Johnson but on a much,much larger and much more damaging scale,increasing the national debt by a factor of 9.Smith should have stated the problem in the following fashion:The deficit finance problem of excessive tax cuts ,combined with excessive spending and borrowing,was started by Liberals and then greatly exacerbated by the Supplyside-Libertarianism of the Reagan and Bush Presidencies.It is time to return to the safe,sane,and sound fiscal and monetary policies of the Eisenhower Administration.
How Plan Retirement Like Expert Berry Steven
September 22, 2008
How Plan Retirement Like Expert Berry Steven
Retirement accumulations and plan distributions (Personal financial planning portfolio)
September 22, 2008
Retirement accumulations and plan distributions (Personal financial planning portfolio) Customer Review: defined contribution plans
defined contribution plan
City Money: Political Processes, Fiscal Strain and Retirement
September 22, 2008
City Money: Political Processes, Fiscal Strain and Retirement
Employee Retirement Income Security Act of 1974: Updated through September 1, 1986
September 19, 2008
Employee Retirement Income Security Act of 1974: Updated through September 1, 1986
Mississippi wooing retirees seeking greener pastures.(Retirement & Relocation): An article from: Mississippi Business Journal
September 19, 2008
Mississippi wooing retirees seeking greener pastures.(Retirement & Relocation): An article from: Mississippi Business Journal This digital document is an article from Mississippi Business Journal, published by Venture Publications on June 28, 2004. The length of the article is 1301 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Mississippi wooing retirees seeking greener pastures.(Retirement & Relocation)
Author: Lynne Jeter
Publication: Mississippi Business Journal (Magazine/Journal)
Date: June 28, 2004
Publisher: Venture Publications
Volume: 26 Issue: 26 Page: 14(1)
Distributed by Thomson Gale
Sociology of Retirement
September 19, 2008
The New Rules of Retirement: Strategies for a Secure Future
September 19, 2008
The New Rules of Retirement: Strategies for a Secure Future Proven, profitable, and unique strategies for achieving a financially secure retirement In this step-by-step financial program for retirement, nationally recognized retirement expert Bob Carlson explains why people will need more money than they think during their upcoming retirement, then shows them how to use innovative and carefully researched strategies along with all of their assets to ensure financial security throughout their retirement years. In a world in which a long, comfortable retirement has become more difficult to achieve than ever, with workers uncertain of who they can trust, The New Rules of Retirement is both beneficial and reassuring. Robert C. Carlson, JD, CPA (Fairfax, Va.), is Editor of Retirement Watch, a monthly newsletter. The managing member of Carlson Wealth Advisors, LLC, Carlson is also Chairman of the Board of Trustees of the Fairfax County Employees Retirement System, which manages $2 billion in assets, and a member of the Board of Trustees of the Virginia Retirement System, which manages $40 billion in assets. He has published a number of research papers and has been quoted in numerous publications, including Money, Barrons, Readers Digest, the Washington Post, and others.
Customer Review: The New Rules of Retirment
This book had more detail on taxes and its effect on planning consequences then I have seen in other books. It have useful information on retirement calculators, and health coverage. Overall this book was more usable to me than some others I have read. It’s easy to read and understand. It enlightened me on some points that I had not thought of such as doing your homework on moving to a different location, living and renting in a location where you want to go. You might end up not wanting to move there.
Customer Review: Agree with 90% of the recommendations
Over-all, this is a very thorough review of the rules of retirement.
I am a believer in the passive index fund approach to investing as opposed to the actively managed approach.
Carlson advocates 3 levels of investments for the accumulation phase, and all 3 are based on an active versus passive management approach. The first level is his Core level and he recommends actively managed value stock funds…..or actively managed balanced funds (stocks and bonds) like Vanguard’s Wellington. I think most investors would be better
served using a combination of Vanguard’s Total Stock Market and Total Bond Market funds for this core portfolio. The ratio of stocks to bonds depends on the investor’s risk tolerance, as well as their need to take risk. Using Vanguard’s passively managed index funds versus Carlson’s actively managed approach should result in higher returns to the investor because of the lower annual expenses of the index funds.
Carlson recommends large cap value funds because his theory is that in retirement….retirees can give up some returns in exchange for lower chances in the portfolio declining with value stocks. The Fama-French 3 factor study would suggest that large cap value stocks will outperform all large cap stocks….if history repeats itself in the future. If you believe that history will repeat itself, you could choose a Vanguard large cap value index fund instead of the Total Stock Market fund.
Carlson’s other 2 levels of portfolios focus on trying to pick in advance, which asset classes are currently not over-valued…..or be really aggressive and take on high risks with private equity funds. These two strategies are high risk and I know of no long term data which supports this approach performing better than a simple index fund approach. I don’t believe either of these 2 strategies is appropriate for most investors.
Bengen’s and Bierwirth’s studies back in 1994 were seminal events in financial planning in that they found 4% was the maximum SWR (Safe Withdrawal Rate). If the stock market experiences a prolonged drop early in a retirement period, SWR’s higher than 4% will cause the retiree to exhaust his portfolio before this death.
In 1998, the Trinity Study also found the same basic results as Bengen and Bierwirth…..and recommended a maximum SWR of 4%.
I have read about some mechanical rules which suggest that you can withdraw more than 4% if you spend less money in years the stock market is down, and more money when it is up. Carlson suggests the Yale distribution rule….in which 30% of the annual distribution is based upon portfolio value. I had not heard of this specific rule before, and I will have to do some Monte Carlo analysis to determine its effectiveness.
I found the book easy to read…..and I agree with his recommendations except for the construction of his investment portfolios.
Are You Using the Right Rules to Plan Your Retirement?
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The Bogleheads’ Guide to Investing
The Local Government (Superannuation and Compensation for Premature Retirement) (Scotland) Amendment Regulations 1996 (Statutory Instruments: 1996: 1241 ()
September 19, 2008
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