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Illinois Introduces Automatic Retirement Savings Program, a First for the Nation -- (link)

Posted by ty97 Jan 5 '15, 17:32

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link (www.nytimes.com)

Responses:

Yessssssss! More money for the investment banks! -- nm - Mop Jan 5, 18:47
Speaking of retirement. I upped my 401k contribution from 3% and 3% match, to 10% with a 3% match. My first check on the 9th is going to be a little - Bacon Jan 5, 17:45 5
- Are you taxing it now or latter? -- nm - eag Jan 5, 18:37
- Hopefully my job will start up a 401k this year - znufrii, bachelor of science, cum laude Jan 5, 18:25
- I tried to convince myself to up my contribution 1% at beginning of the year, but didn't. - ty97 Jan 5, 18:08
- I've been at 25% with a 3% match for a while. I am catching up and practicing living on 75% of my salary at the same time. -- nm - Dano Jan 5, 17:58 1
  - That's rather impressive. I think the highest I ever did was 20 or 22% and that was only for a maybe a year. - ty97 Jan 5, 18:09
this is one thing Australia does remarkably well. I have compulsory 9.5% contribution to a retirement savings program. though it's generally phrased - mafic Jan 5, 17:40
I don't like that it's not optional. -- nm - Bacon Jan 5, 17:36 7
- Why not? If everyone has some retirement savings, it means that less has to come from taxpayers in the future. -- nm - Roger More Jan 5, 17:48 4
  - I agree it's a great idea. But we already have Social Security. That would make it another Social Security. - Bacon Jan 5, 17:51 3
    - So they can phase out Social Security? We already paid in. I want that money -- nm - Epiphany Jan 5, 20:04
    - Social security is money from taxpayers in the future. -- nm - Roger More Jan 5, 18:06
    - it's different from social security. here it's a self-directed investment fund that you contribute to, and retain the full value of, accessible - mafic Jan 5, 18:04
- " but workers who don’t want to save will need to opt out manually." -- nm - Reagen Jan 5, 17:36 1
  - Aaah thank you. I was looking for that and didn't find it. Only saw the automatic part -- nm - Bacon Jan 5, 17:38
Make it to 30, someone comes down from Chicago and "retires" you. -- nm - Max Jan 5, 17:35

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