D.Duck wrote:

"nom=de=plume" wrote in message
...

wrote in message
...
On Thu, 22 Jul 2010 06:30:16 -0400, bpuharic wrote:

it's greed. there's a reason the financial sector accounted for 40% of
GDP in 2007 while the US did NOT become more competitive in world
markets. the financial sector added NOTHING to US assets

Where do you think the money for your retirement will be coming from?

The whole basis for everyone's pension, 401k and IRA is that Wall
Street sector you seem to hate. Retirees are by definition not adding
anything to the economy, they are living off of it.

Well, that's not really true. They're spending their money in many
ways that contribute. If they just hoarded their money, the economy
would be much worse off.

The same is true of everyone on Social Security. You better hope Wall
Street stays 40% of the economy if you want your 401k to be worth
anything when you start sucking off the public tit.

Unfortunately, 401Ks and IRAs (except Roths) aren't really great for
retirement instruments. People forget about the tax consequences of
withdrawing money. Tax rates are at historic lows. They will rise,
and one needs to factor that in when planning for retirement.



Well put. That's why I've been slowly removing money from my
traditional IRA for the past ten years to minimize the tax
implications as much as I can.
Yup. Obama's off-the-chart spending will certainly increase taxes. He
can't keep printing money forever.