Michael Coslo wrote:
bb wrote:
Michael Coslo wrote:
bb wrote:
Mike Coslo wrote:
bb wrote:
Mike Coslo wrote:
safer places to park your money.
Look at the Federal retirement system.
Look at your state retirement system.
Look at your teacher's retirement system.
Is is all in the market?
Is it all out of the market?
Or is it a balance of the two?
Greed, that potential bad character that we have tapped and used
for
good in out semi capitalist system, is an almost irresistible
pull
on
some people.
I'm sure that greed doens't exist in semi-socialist sytems, so why
don't we just get it over with and switch?
Huh? I don't understand.
"Social" security. Get it? And some of the greediest people were
socialists.
Greed is not limited to any one group.
I know quite a few people who during the mid to late '90's were
so
impressed by the stock market goings on, that they put all or
most
of
their retirement investments in risky, high yielding investments.
A
couple invested exclusively in Tech stocks. Guess how much money
they
have today? (answer - not a whole lot) They won't be retiring
early
*or* soon.
Were those retirement investments outside of a conventional
pension
plan?
No. Where I am at, there are two retirement plan options. One is
with
the state, and the other allows you to "customize" your plan with
your
investment options.
Do they limit your options to somewhat wise, conservative
investments?
No.
Or are you options wide open? Probably not.
I'm not on the system with lots of options, so I'm mentally
paraphrasing
here a bit:
There are a number of options in which you can spread percentages of
your money. Those options run the spectrum from blue chip to high
yield,
high risk.
No bonds? Any balanced funds?
Your retirement income is based on your contributions and how
well the investments did.
Is there a "guaranteed return" selection? Of course, even that won't
work if the government devalues its currency.
The Federal Government would likely put limits on the types of
investments you could make with your SS diversion.
Ho-boy, another Federally controlled system. 8^)
Oh, I forgot. Social Security is a Township Trustee run system.
No gold and platinum futures, for example.
Probably a good idea.
As you graduate to an older age group,
they would probably change the investment vehicles available.
Gosh!
One of the people I know that lost a lot of money was thinking that.
He
said that two years before retirement, he was going to pull his money
out of the high risk stuff and put it into the "safe" stuff.
Did he? Or did he think the market was still going good and left it in
riskier investments?
But that's just me thinking out loud. I heard from Al Franken that
Bush doesn't want any ideas on this matter.
On the other hand, I was very careful with my retirement
investments,and didn't lose anything. All I did was take a hit in
my
earning rate.
Until the bubble burst though, Len wasn't the only person that
thinks
I'm a dimbulb!
Aren't you a University of PA employee?
Penn State. U of Pa is the one in Philadelphia.
The point is that you do have a government pension plan.
Yup.
In Ohio, our Governor has put some political appointees on the
retirement fund board, and he wants to make the fund invest in Ohio,
which is a losing prop.
Just how much control do you have over your state employee and
school
employee retirement funds?
Those two plans. We also have an additional TDA possibility from
various companies. On the state plan, there is not a lot you can
do.
On
the other plan, there are more investment options.
TDA? Is that like a supplemental, tax-deferred investment option?
Ohio has a 457, "deferred compensation," plan, which is in addition
to
the public employees retirement system.
Yup, that's it.
http://nrsretire.nrsservicecenter.co...ome/?Site=Ohio
Ohio also has five (5) public employees retirement systems for some
reason.
http://ohio.gov/Retirement.stm
If you want to see something scary, look at the Federal Employees
Retirement System. They tell you right up front that SS is "the
rest
of your retirement." Not the so called safety net that Jim and FDR
described it as.
I see they have three different plans, Social Security, a basic
benefit
plan and a thrift savings plan. Looks pretty much like a typical plan
group.
- Mike KB3EIA -
Looks nothing like the former SCRS. Does Penn State contribute 1% of
your income to your plan, then tell you that SS is the rest of it?
Anyway, the only benefit to being in SS is if you have a life changing
injury or illness and can no longer work. If you take it to 65 (or 67
depending on the whims of the democratic party) the ROI is slim to
none. Savings bonds beat it.