Pass the Money Please!
I was just at lunch with a financial products wholesaler and we were talking about an article I had recently read about how woefully ill-prepared the average bear is for retirement. A huge majority of people have absolutely nothing in any sort of savings...and yes, I do realize that this may apply to many who are reading this blog.
This was in my email when I returned from lunch:
Nearly Half of Those Nearing Retirement Lack Adequate Savings
Some 47 percent of early baby boomers are not expected to have sufficient savings to cover basic living costs such as food, health care, and utilities throughout their retirement, according to an Employee Benefit Research Institute study. Social Security alone will not cover all their expenses, says study leader Jack VanDerhei. "People haven't saved enough and have invested poorly," he observes, adding that the people in the best shape in terms of savings usually have 401(k) plans. The study also expects 44.5 percent of Generation X members to run out of money. Even those with adequate savings could feel an impact, as new taxes or restrictions on Social Security may be necessary to help an overtaxed system deal with so many needy people.
From "Nearly Half of Those Nearing Retirement Lack Adequate Savings"Chicago Tribune (07/14/10) MarksJarvis, Gail
Did you catch that phrase, "Even those with adequate savings could feel the impact....so many needy people." Let me interpret that one for you. Those who have been responsible and bought houses they could afford, bought used cars, and lived below their means....will now be FORCED BY LAW to care for those who overspent and under saved....because they will be needy.
Is that Biblical for a government to TAKE YOUR MONEY and give it to WHOMEVER THEY PLEASE?
Isn't there a verse someplace that says, "God loves a cheerful giver"? Not sure that applies to being cheerful about the government using the full penalty of the IRS to take some one's money and force them to buy food, housing and medical care for someone else.
Strange times are coming folks.
posted by dennis at
3:44 PM
4 Comments:
Hi Dennis,
The first step of this is taking money out of bank accounts that have no one to protest. It is happening in the UK.
I would speculate the next is taking money out from accounts that may have too much in them.
Dormant accounts to fund 'big society' bank
http://www.guardian.co.uk/money/2010/jul/19/dormant-accounts-fund-big-society-bank
Yours in Christ,
Tom
I think you are right. When the majority of folks have failed to save...they will elect voters who promise to "give" them stuff for free...and that will come from the folks who have saved. Of course it's not quite that simple...but the basic concept stands.
Hi Dennis,
Here is a good article for your blog.
Gold Coin Sellers Angered by New Tax Law
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611&page=2
Every time a member of the public sells more than $600 worth of gold to a dealer,
Piret said, the transaction will have to be reported to the government by the buyer.
Humm this is an unsettling thought. Do you think if you are reported then they know that you may have more?
Buy silver not gold.... You can spend silver.
Cheers,
Tom
Hi Dennis,
Looks like there is a move in Persia to not allow anyone to buy oil with Dollars or Euros.
Do you think the Mahdi will consider this an unfair trading practice?
http://english.farsnews.com/newstext.php?nn=8905010705
Iran to Replace Dollar, Euro with Other Currencies in Oil Trades
TEHRAN (FNA)- Iran's First Vice-President Mohammad Reza Rahimi stressed on Friday that the country
plans to replace Dollar and Euro with other currencies in its oil trades.
Cheers,
Tom
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