Word: retiree
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...problem lies with the "pay-as-you-go" nature of the existing system. In the current system, the federal government collects payroll taxes from worker and firms and immediately uses the money to pay benefits to current retiree. During the past 50 years, this system functioned effectively for three reasons. First, there were a higher number of workers per current retiree. Second, workers' real wages kept rising, and therefore, so did the federal government's payroll tax revenue. Third, Congress repeatedly increased the payroll tax rate (in the past 50 year, it has gone from 2 percent to 12.4 percent...
...move toward a "fully-funded," privatized system. Individuals could direct a portion of their payroll taxes to their own retirement accounts. They would have the opportunity to invest their savings in stocks and bonds. When individuals retire, they would draw their benefits from their own accounts. In other words, retirees would receive a portion of their benefits from their own savings rather than from payroll taxes on younger generations of workers...
But these decisions ought to be brought about with a good bit of information. Before writing off others, we really ought to be sure we don't like them. We have our whole lives after college to retire into our own worlds--in the meantime, we ought to try to...
The council is also giving a $500 grant to theBossert Appreciation Committee which will host aparty for William H. Bossert and Mary L. Bossert,the Lowell House Masters who will retire afterthis year.
ROTH IRA Named for its chief proponent, Senator William Roth of Delaware, this lets you put away as much as $2,000 a year of after-tax money in an IRA. When you retire, you can take the money out tax-free. Contributions are phased out for taxpayers with an...