It always starts with a bucolic name. Democrats are great at that. This one is “Secure Choice.” It starts with a good concept — people don’t save enough for retirement. But then it puts it in the hands of elected officials and their cronies and, when things go south, they will point fingers at private enterprise and we will bear the cost.
As a financial professional (CPA), I advise all my clients to put money into a pension plan. All professional literature suggests the earlier you put money into a pension the better off you will be later. Even if you are getting social security it will not be enough to support you in your retirement years, and those years are getting to be longer and longer with increased life spans.
John Chiang, California State Treasurer, has been promoting this plan and he even has a website pushing it which is funded with your tax dollars (of course with a picture of his smiling face). Everything on the website is “peaches and cream.”
The one negative he starts with is how many people don’t have pension plans. Of course, he starts with the Big Lie. They have pension plans. They can set up a traditional IRA.… Read More