Good article, but the 5% fee on 401k investments and such seems rather high.
Plenty of high-performing mutual funds that are actively managed have fees
between 0.5% and 1%, which would put costs between $5 and $10 per $1,000
invested (clearly not as good as 27 cents but certainly much better than $50).
The problem is 'the average Joe' are the people paying for the federal
benefits for congress, etc. That's why we can't retire like we would
I laugh every time I hear a politician "profess" to being a "public
servant" and providing service to their constituents. This is a farce!!!
Politicians routinely become multi-millionaires while serving in Congress. From
pauper to millionaire is the story of Congress. If this was true service, they
would be paid the median wage from their state. Then lets see how many of them
sign up to "serve". Hypocrites.
Our retirement are delayed while paying for IRS conferences, Obama vacations.
Failing to plan for something is not the same as not being able to do something.
Most working Americans have the ability to save for retirement, but few have
shown the willingness to defer today's big screen purchase for
tomorrow's security.This is the reason that the default option
for 401(k) plans was changed several years ago from 'opt in' to
'opt out'. This at least gives the average employee a fighting chance
of saving SOMETHING.
These politicians sure know how to feather their own nests with our money. What
My retirement fund was destroyed in 2009. My only hope now is that I will die
before I am no long physically able to work.
@SCFanDid you vote for Mike Lee or Jason Chaffetz or any other
incumbent in the last election?All who vote to reelect any
politician need only look in the mirror to see where the fault lies, myself
included.@ Obama10I could not agree more with you. The
only 'public servants' are those that volunteer their time. All
others earn a wage and are filling a job. They are employees, nothing more or
less. There is nothing altruistic about them in the least. In particular
members of congress, the president and any senior officials.
I'm not sure what the actual intent of an article comparing congressional
retirement versus 'average joe' retirement would be. I hope it
wasn't just to exacerbate an existing hatred of government by taking a
cheap and easy shot, and pointing out what pretty much everyone already knows.
@Hutterite--You're right. We should just let it go. Silence is golden.
"From pauper to millionaire is the story of Congress"Oh please,
don't fool yourself. None of these people were paupers before getting into
office. They were already wealthy and well connected or they wouldn't have
been elected in the first place.
The perks that congressmen and senators are so numerous and costly that they are
indeed the biggest recipients of "welfare" than any other and group of
citizens in the country.As a group, they quickly seem to develop the
attitude that the public citizenry work for them, rather than vice versa.It makes no difference what political party they represent, they see
themselves as having the power and the right to vote for important issues solely
as they please, rather than doing what they were elected to do; i.e., to vote
according to the view of their constituents.Rather than representing
the people they were place in office to represent they kowtow to either big
business or big government.They view themselves as above the law
(exempted from Obamacare and Social Security, for example) and are therefore no
different than royalty.Obstructionism in the halls of Congress has
gotten so bad the past twelve years or so, I am less and less able to find any
way at all to respect them.
Congress is a total of a few hundred people. It matters, but not that much.The real take-away from the article is that you can retire nicely, but
you will have to prepare on your own. If you are young, save a minimum of 10%
of your income every paycheck, invest it wisely in high quality stocks. If you
are older, and behind the pitch, you may have to save much more. Apologies if this sounds harsh, but if you are behind the pitch, in most cases
it is your own fault - not the fault of your employers or the government.
Instead of complaining about it, adjust your lifestyle and get saving. Also,
take the time to learn how to invest wisely. If you don't know much, this
will take a significant effort, but it will be worth it. If you already are a
bit financially savvy, the process will be easier and more fun. But whatever
you do, don't just throw up your hands and give up, or sit around blaming
others. Do something about it. In a few years, you will be grateful you did.