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[monksmom]

Hmm...evidently, I am too old to understand the point or purpose of "helping" folks find a way to "save" and dammed if they'll send MY tax return as savings bonds...good Lord, there are many families like mine who can't even manage check to check, let alone think of saving squat! My question is...for those truly below the poverty level, like my lil family and thousands of others, where are the options? Why does everything revolve around what is termed "middle class"? Is it at all possible that this guy doesn't understand there IS another level of Americans...and it is well below that of the beloved...middle class? Dunno and sorry, but this one gets me frustrated. Why? Whelp, mainly as once again, there is no relief for those who still work hard each and every day yet wages are not up to snuff nor even come close to making ends meet. So...what do we get for a suggestion? lol...invest in America re: bonds! Now tell me...who's really making out on that one, eh? :)

Obama promotes ways to encourage savings
By CHARLES BABINGTON, Associated Press Writer Charles Babington, Associated Press Writer
Sat Sep 5, 9:34 pm ET

WASHINGTON – The recession has eaten into people's nest eggs so the government is promoting ways to make it easier to save for retirement.

One initiative that President Barack Obama outlined in his weekly radio and Internet address Saturday will allow people to have their federal tax refunds sent as savings bonds. Others are meant to require workers to take action to stay out of an employer-run savings program rather than having to take action to join it.

"We know that automatic enrollment has made a big difference in participation rates by making it simpler for workers to save," Obama said. "That's why we're going to expand it to more people."

The new federal steps, which do not require congressional action, include:

_Making it easier for small companies to set up 401(k) retirement savings plans in which all workers are automatically enrolled unless they ask to be omitted. Employers can set default amounts of each worker's pay — perhaps 3 percent — to automatically be deposited into the accounts without being taxed. Workers can raise or lower the contribution levels, and they choose how to invest the money. They will pay taxes on the money only when they withdraw it as retirees, when their tax rates are likely to be lower than when they are working full-time. A similar process would apply to savings plans called SIMPLE-IRAs.

_Allowing such plans to automatically increase the amount that workers save over time unless the workers object.

_Allowing people to check a box on their federal tax returns asking that any refund be sent as a savings bond. More than 100 million U.S. households receive refund checks each year, and many are promptly cashed and spent.

_Allowing workers, when leaving a job, to direct unused vacation pay to a retirement savings account rather than taking it in cash.

"This recession has not only led to the loss of jobs, but also the loss of savings," Obama said, citing declines in home values as well as sources of retirement income.

"If you work hard and meet your responsibilities, this country is going to honor our collective responsibility to you: to ensure that you can save and secure your retirement. That is why we are announcing several commonsense changes that will help families put away money for the future," Obama said.

The administration earlier asked Congress to make it easier to set up retirement accounts for people whose workplaces do not offer them. No legislation has moved thus far.

"Tens of millions of families have been, for a variety of reasons, unable to put away enough money for a secure retirement," Obama said. "Half of America's work force doesn't have access to a retirement plan at work. And fewer than 10 percent of those without workplace retirement plans have one of their own."

Nearly half of the U.S. work force has little or nothing beyond Social Security benefits to get by on in old age, Treasury Secretary Timothy Geithner said.

"Just as the administration is dedicated to reviving the economy and getting people back to work, so too it is dedicated to helping put retirement security within the reach of all Americans," Geithner said in a statement.

While saving for retirement is universally seen as a good idea, any increase in savings rates could somewhat slow the nation's rebound from the economic recession.

[dandy8]

As usual, the government and the ones holding your money so that they may invest it, and make a profit buy using your money.
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I don't understand the point...
Hmm...evidently, I am too old to understand the point or purpose of "helping" folks find a way to "save" and dammed if they'll send MY tax return as savings bonds...good Lord, there are many families like mine who can't even manage check to check, let alone think of saving squat! My question is...for those truly below the poverty level, like my lil family and thousands of others, where are the options? Why does everything revolve around what is termed "middle class"? Is it at all possible that this guy doesn't understand there IS another level of Americans...and it is well below that of the beloved...middle class? Dunno and sorry, but this one gets me frustrated. Why? Whelp, mainly as once again, there is no relief for those who still work hard each and every day yet wages are not up to snuff nor even come close to making ends meet. So...what do we get for a suggestion? lol...invest in America re: bonds! Now tell me...who's really making out on that one, eh? :)
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And I don`t think, " this guy " in touch with any reality but his. The middle paragraph is authored my Monksmom, I neglected to quote. really mucked this up. I`m talking bout the same guy Mom is.

[kar708]

I heard about this on the news this morning .... I'm a bit disturbed by it. They want to help American's so why hold our money and invest it to help he government? It's all about them and not so much about us. Kinda makes me sick!

[monksmom]

lol...sick's a great word to use!! We've got means for big businesses and financial institutions to "redeem" themselves yet what about real, common day folks???

Dunno...as son and I keep encountering situations beyond our control, I can only wonder who exactly this is meant to help...sure as heck ain't "real" Average Joe's and Jane's.....

[kar708]

Once again its help the rich, screw the poor!

[dandy8]

What`s new with the government?? Always been that way. Gonna get blasted for this but, I hope all the fools that voted our pres in are enjoying the prosperity. And equality, and the attempt at socialism. { just my opinion to which I am entitled unless that has changed also }

[monksmom]

Whelp...first there's savings bonds...now? We are destined to HAVE to pay for healthcare per law...now ain't that gonna be something...can't make the freaking rent half the time and I'm gonna get healthcare?

Sh*t.

[sbservices]

Originally Posted by monksmom

Whelp...first there's savings bonds...now? We are destined to HAVE to pay for healthcare per law...now ain't that gonna be something...can't make the freaking rent half the time and I'm gonna get healthcare?

Sh*t.

This one, I have been steaming at..... they say it will be similar to what they did to Seniors... with the medicare part D, prescriptions drug plans. They have to get on it by a certain date and if they don't ... when they do... they'll have to pay all the back months that they didn't when they should have!

I'm steamed... I don't have health coverage and I plan to one day... but that is my choice... not the governments. I am healthy and get my annual check ups through the med studies... thank you!

So has this passed yet? ugh... NO don't answer that... don't tell me! I'll be angry and would prefer to put my head back in the sand and be happy!

[dandy8]

When are all of us going to tell the government they do not tell us how to live. They are " supposed to be , for the people, by the people. " The MF senators and congressmen, pres and all. Do not have a health care issue, we pay for that, they do not have a retirement issue, we pay for that, they do not have an issue with gas or automobiles, we pay for them, they collect more than most of us make a year, in a month retirement benefits because they were " public servants " what a fucking joke. They " all poloticians rape us all while they are in office and forever after because of their government benefits. Why do you think they spend millions to be elected to a job that pays thousands. Graft and corruption is what they are buying. I challange anyone to name ONE { 1 } honest political person. Think I am sick of crooked poloticians??? Yes, but that is what people elect because they don`t get involved or care.We have had crooked politico~s from day one. Think this is a rant?? YES IT IS, Sick of the BS people vote in and agree with. And the ass kissers that say it~s OK. It is not. Gonna go farther, people are so stupid to vote for "this guy" they deserve what they get. Bout said more than enough.

[Lesley]

We still have time to force them to listen to us. They sure as heck don't want to be in our shoes after their next election! I contact my elected officials regularly (I know that seems pointless considering I'm from CA) as well as those who are actually working FOR the people to let them know that we are watching. I let the know that I will actively campaign for or against them based on what they do in Washington.

U.S. Senate
United States House of Representatives, 111th Congress, 1st Session

My one little voice will not matter I'm sure but when it is joined by many, many others they will pay attention, if only to save their own jobs.