Now they want to give Military Pensions to Wall St

[Small Biz Owner]

Since Wall Street needs even more money to try and keep this artificial bubble inflated .........

The proposal comes from an influential panel of military advisors called the Defense Business Board. Their plan, laid out in a 24-page presentation "Modernizing the Military Retirement System," would eliminate the familiar system under which anyone who serves 20 years is eligible for retirement at half their salary. Instead, they'd get a 401k-style plan with government contributions.

www.cbsnews.com/stories/2011/08/15/eveningnews/main20092652.shtml?tag=re1.fb

[reasonfreedom]

Maybe they just want to sort out the smart from the stupid. Instead of promising a future amount they are giving them a chance of making more money with the 401k, Unless you think the market is just going to crash and never come back up. I don't see it giving wall st anything.

[Deleted]

The government will never do it. It is too smart an idea.

[bimetalaupt]

Aug 16, 2011 10:00:52 GMT -5 ArchietheDragon said:

The government will never do it. It is too smart an idea.

That will let them buy real T-Bonds that over the last 20 years have yielded 8% vs 2% for the special Bond for SS/RRR and Military..

Just a thought,
Bi Metal Au Pt

[lifewasgood]

Here is a novel idea, how about just leaving it alone and if the retired guys want to turn it into an investment vehicle they can, or they can just spend it every month. Free Choice to do with ones money as they please. Wow what an original idea!!!!!!!!!! Snapperheads.

[decoy409]

life, that's a great idea! So I am sure that it is a bad idea for others.

[smackdown]

I say-- give it to them. Then let's do battle for real. Let no Ivory Tower be left standing. Bar the doors first.

[smackdown]

I say-- give it to them. Then let's do battle for real. Let no Ivory Tower be left standing. Bar the doors first.

[lifewasgood]

Ivory Tower? Explain that to me?

[smackdown]

The buildings on Wall Street are called Ivory Towers. In Business Studies, an Ivory Tower refers to a management group that looks down from up high to the "ants" below. The opposing operating structure is a mushroom or pancake... referring to management integrated directly in line with personnel and spread far and wide to maximize integrity, quality and competence. No Society has ever sustained on Ivory Towers, the greatest have always lasted as mushrooms and pancakes. The argument is-- that mushrooms and pancakes stop excessive income for irrelevant effort. Some argument.

[verrip1]

All goes to show you that there are idiots out there who want to keep people from making their own financial decisions. Buncha damn facists, if you ask me.

[lifewasgood]

Could any of you imagine being in the middle of around the clock operations and having the stock market crash with your retirement going down the toilet while you are suppose to shoot straight. Give me a friggen break!!!!!!!!!!!

[Small Biz Owner]

Could any of you imagine being in the middle of around the clock operations and having the stock market crash with your retirement going down the toilet while you are suppose to shoot straight.

Our service members do not need to be worrying about market fluctuations, while trying to perform combat operations.

My fellow service members and I, active and retired, took an oath, a pledge, to serve and protect. We did our part. My active part was Desert Shield and Desert Storm.

When we took that pledge, it was in return for the defined benefits from the American Govt, for risking our lives for X number of years. It is all there, in black and white. our military contracts that we signed when we swore an oath to protect this country.

And I am still serving, in the reserves.

[Deleted]

401ks do not need to be invested in the market.

[Small Biz Owner]

So when and where did you serve?

[Deleted]

Aug 17, 2011 9:03:42 GMT -5 Small Biz Owner said:

So when and where did you serve?

In the military, I assume you mean? I was not and am not part of any armed forces, but my fists are registered as deadly weapons.

[Small Biz Owner]

In the military, I assume you mean? I was not and am not part of any armed forces,

Another brave armchair quarterback.

[Deleted]

Aug 17, 2011 9:20:03 GMT -5 Small Biz Owner said:

In the military, I assume you mean? I was not and am not part of any armed forces,

Another brave armchair quarterback.

Huh? how am I brave talking about 401ks vs pension?

[Small Biz Owner]

So you never served. You never took a voluntary oath to protect America. You were never deployed to a hostile foreign environment, to subdue another attacking force, that was trying to kill you.

In return for that voluntary service and oath, your fellow American service members were promised a pension, not a 401K, for those years of service.

Oh, and we all fear your fists so much.

[Deleted]

Aug 17, 2011 9:30:48 GMT -5 Small Biz Owner said:

So you never served. You never took a voluntary oath to protect America. You were never deployed to a hostile foreign environment, to subdue another attacking force, that was trying to kill you.

In return for that voluntary service and oath, your fellow American service members were promised a pension, not a 401K, for those years of service.

Oh, and we all fear your fists so much.

But I think the recommendation to switch to a 40k style retirement account is a smart idea. And because it is a smart idea, the government will likely not do it.

[frep]

Geez upset much?

Yes, they were promised a pension and so far they have gotten a pension. The article doesn't say people currently in the military would forfeit their pension for a 401k nor does it say that those currently receiving their pension would stop getting theirs. I imagine if they did change anything it would only affect new people that were enlisting. In which case they would go in, with the promise of a 401k and that's what they would get.

[Small Biz Owner]

But I think the recommendation to switch to a 40k style retirement account is a smart idea.

It is giving part of Soldiers retirement to Wall Street. Even if the exact retirement amount was paid to every service member as the current pension pays, a percent would go to a Wall Street Fund Manager, leaving less money for the service members retirement.

Smart idea to shortchange service members retirement?

[Deleted]

401ks do not need to be invested in the market.

[Small Biz Owner]

The article doesn't say people currently in the military would forfeit their pension for a 401k nor does it say that those currently receiving their pension would stop getting theirs

That has yet to be determined, as per the article I linked.

The proposal leaves a lot of blanks to be filled in, including whether to exempt current service members so their plans won't change.

401ks do not need to be invested in the market.

Even if they are not in stocks, show me one FREE 401k plan with no fees.

[Deleted]

Aug 17, 2011 9:49:00 GMT -5 Small Biz Owner said:

Even if they are not in stocks, show me one FREE 401k plan with no fees.

I'll show you a 401k plan with no fees if you show me a pension plan with no fees.

[Small Biz Owner]

I'll show you a 401k plan with no fees if you show me a pension plan with no fees.

No problem.

No fees deducted from any Federal pension, including those of the Armed Forces.

Lets see your FREE 401K now....

[Deleted]

Aug 17, 2011 9:54:16 GMT -5 Small Biz Owner said:

I'll show you a 401k plan with no fees if you show me a pension plan with no fees.

No problem.

No fees deducted from any Federal pension, including those of the Armed Forces.

Lets see your FREE 401K now....

I knew the government was super efficient. Must be why I am a big government radical liberal.

[Small Biz Owner]

Still waitng to see that FREE 401k ........

[Deleted]

Aug 17, 2011 10:04:20 GMT -5 Small Biz Owner said:

Still waitng to see that FREE 401k ........

still waiting to see that FREE pension.


By the way.. my point aside. Just have the government pick up any fees.

[Small Biz Owner]

We have already gone over this, got Alzheimer's?

No problem.

No fees deducted from any Federal pension, including those of the Armed Forces.