Word: pension
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...make more of it is to increase savings. The U.S. by far leads the world in total savings and capital formation. Economist John W. Kendrick of George Washington University has calculated that Americans have accumulated financial assets of $2.4 trillion, mostly in bonds, stocks, savings accounts, pension funds and life insurance. Last year the U.S. added $129 billion to its stock of capital in the private sector of the economy. The greatest source was not people but businesses, which added $90 billion, primarily through reinvested earnings and depreciation allowances...
...when he quit running an Ohio paint factory and started writing fiction. Gauguin was a sometime Parisian broker of 43 when he ran off to paint and wench in Tahiti. Should he dye his hair, have an affair, get divorced, quit his job? But how can he sacrifice that pension, that company-paid insurance? What girl wants him? What new employer...
...sign up for accounts. In Cincinnati, Thomas Shuff of Hayden, Stone Inc., has started an eight-week, non-credit course on investments at the city university. Last week, at the first session, he was pleasantly surprised to find his classroom packed with 200 possible accounts. Even unions, with big pension funds and increasingly affluent members, are eager to learn about the market. Reynolds was recently asked by a New York local of the A.F.L.-C.I.O. to give a four-session course to the brotherhood...
...marble mausoleum for a pet monkey named McCarthy. Similar distortions of value took place in more important aspects of public life. Diplomacy, once the French national art, so deteriorated that it came to fit the job description given by Beaumarchais, author of The Marriage of Figaro: "Spread spies, pension traitors, loosen seals, intercept letters...
...High-income individuals would not do quite so well because they would have to pay income taxes on their short-term profits. Mutual funds pay taxes, but most pension funds and profit-sharing funds do not. Their members pay capital-gains taxes on their profits, but only when they collect their share of the funds...