My comment: For US friends. Arable land with good water supply. Commodities. Grow food at home.
That will not turn rich to anyone probably, but it can give a better life without dramatic troubles Peace and best wishes. Xi Investors Sit Tight as Flaws in 401(k) Plans Exposed http://www.bloomberg.com/apps/news?pid=20601087&sid=aKLKGUoUrjLg&refer=home .... It may take more than the worst bear market in 77 years to rattle U.S. retirement-plan investors. ... On Feb 24, 5:29 pm, xi <[email protected]> wrote: > http://www.bloomberg.com/apps/news?pid=20601087&sid=aw1LU5_qRb.I&refe... > > Feb. 24 (Bloomberg) -- House Education and Labor Committee Chairman > George Miller said 401(k) retirement plans do not provide sufficient > retirement security for many Americans and must be revamped. > > Miller, a California Democrat, recommended better disclosure of 401(k) > fees and more objective marketing of retirement products to investors > at a Washington hearing today on the effectiveness of existing > retirement savings plans. > > Investors had $2.7 trillion in 401(k) accounts as of Sept. 30, > according to the Washington-based Investment Company Institute, which > represents mutual funds. The Congressional Budget Office estimated > that workers lost $2 trillion over a span of 15 months from declining > stock markets at an October hearing of the House Education and Labor > Committee. > > “For too many Americans, 401(k) plans have become little more than a > high-stakes crap shoot,” said Miller. “We are realizing that Wall > Street’s guarantees of predictable benefits and peace of mind > throughout retirement was nothing more than a hallow promise.” > > Miller questioned at the October hearing whether the U.S. had gotten > its money’s worth from the estimated $80 billion in tax subsidies the > retirement accounts receive each year. At the hearing, Teresa > Ghilarducci, a professor at the New School for Social Research in New > York, proposed replacing 401(k) plans with government-run retirement > savings accounts. > > ‘Preserve and Strengthen’ > > Today, Miller said “we must preserve and strengthen 401(k)s.” About 55 > million private-sector employees have defined-contribution retirement > plans, in which workers are responsible for managing their own funds, > according to the Center for Retirement Research in Boston. The 401(k) > plans, which generally are tax-deferred savings accounts, are one of > the most common retirement plans. > > John Bogle, founder of fund manager Vanguard Group, echoed Miller, > saying, “the 401(k) plan is an idea whose time is come” yet “our > existing defined contribution system is failing investors” because of > high fees, low levels of saving, excess flexibility that permits > cashing out and too much borrowing and inappropriate asset allocation. > Bogle recommended a single defined contribution structure using low- > cost annuities, among other options. > > Retirement savings are too exposed to market risk, according to Dean > Baker, co-director of the Center for Economic and Policy Research in > Washington and another witness at today’s hearing. Baker proposed a > government-run pension system providing a modest guaranteed rate of > return, according to a statement released last night. > > Employees must work longer to extend retirement savings and social > security could be stabilized and supplemented by target- date funds, > said Alicia Munell, director of the Center for Retirement Research at > Boston College, in prepared remarks. Target-date funds shift money > into more conservative investments as an investor approaches > retirement. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
