6:38 am, April 20, 2014

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  • THANKS
    BeanerECMO
    Re: Thanks in part to a generous financial match from their employer, Uncle Sam, federal and postal workers have socked away almost $10,000 more in their Thrift Savings Plan accounts than the average American has invested and earned in his or her 401k plan. Not Uncle, but the private sector taxpayers' largess (where the vast majority of payroll and income taxes originate). You're welcome. Mike, please provide source documentation for your 'report'.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • to Beaner
    Moderate
    it is true that taxpayers finance our salaries and benefits. It is also true that they are like any other employers who need us to get the job done. Otherwise you would have various messes such as a tax system that does not work and magic elixirs sold to the unsuspecting. of course, you may not consider these government functions as important, but they are. Therefore, since most or all of us are fully aware that taxpayers, including us, pay taxes, you need not remind us of that.-------We also get higher benefits in lieu of a higher salary. That is why I get a better pension, for which I put 7% of my pay into the fund, while private sector employees put in very little, if any when they had defined benefit plans.-------As far as the last paragraph is concerned, you have always been a regressive. You were taught to read by those running sweatshops and those who killed union people who tried to help workers get decent compensation. This is why your job is to mug union members and those you define as liberal.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Numbers
    contrarian
    These numbers, while interesting, make for difficult benchmarks. Time of service and grade are huge variables. There will never be enough money. But the 5% contribution with the match is a good start. The TSP should have a self directed option, but that is my personal opinion. If there was a gold option 5 years ago, many of us would be rich by now. Oh well. Timing is everything. I will roll out of TSP as soon as possible and gladly pay whatever market based fees are to trade. I enjoy it. For those who can't, the lifestyle funds may be your best option, but doesn't anyone other than me find it odd that the Federal government is made up of all these advanced degreed credentialed high paid employees that aren't smart enough to do anything other than a lifestyle fund? Just seems ironic to me.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To Contrarian
    Moderate
    Please be careful with your investments. I am not smart enough to know whether precious metals will go higher or lower. I do have precious metals as well as stocks.---------------Both go in cycles. The stock cycle went from the beginning of Reagan's era until...They could go higher or lower. The precious metal cycle had a high in late seventies or very early eighties and then plummeted. Gold has gone up about 8 times its low. Silver has gone up about 6-7 times its low. This is a huge jump. They may or may not continue to go up.----------Just be careful and do not put all of your eggs in one basket.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Numbers
    contrarian
    These numbers, while interesting, make for difficult benchmarks. Time of service and grade are huge variables. There will never be enough money. But the 5% contribution with the match is a good start. The TSP should have a self directed option, but that is my personal opinion. If there was a gold option 5 years ago, many of us would be rich by now. Oh well. Timing is everything. I will roll out of TSP as soon as possible and gladly pay whatever market based fees are to trade. I enjoy it. For those who can't, the lifestyle funds may be your best option, but doesn't anyone other than me find it odd that the Federal government is made up of all these advanced degreed credentialed high paid employees that aren't smart enough to do anything other than a lifestyle fund? Just seems ironic to me.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • It's simple
    MattyVA
    Why are TSP accounts larger on average then private sector? Well am sure the match has something to do with it. However, I feel theman reasons are as follows: Federal employees are more educated about there benifits, I beleive they for the most part follow the hold for the long term which has always proven to be the bext way to save in a long term account. Also, Feds don't jump from job to job adn cash out accounts and start over. I am quit sure tha has something to do with the numbers.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Re: Cash Out
    BeanerECMO
    That's where the education comes in - for federal workers. I don't know of any non-fed worker cashing out (no, I don't know them all); they either leave it where it is (if the former employer allows it); roll it over to the 401k of their next employer (if the next employer allows it) and build on it; or roll it over to an IRA account and let it grow on its own and start with a new 401k with the next employer. In none of the cases are there penalties for the employee.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To Beaner
    Moderate
    I have seen many people either voluntarily pull their money out or are just sent a check.--------Your last paragraph is stupid. I have already commented on it.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • 401(k)
    Linda
    I don't get where Mike gets his numbers "Most Americans' don't have a 401(k)??? Who are they counting, children, retired and the non-working? I don't know anyone who doesn't have access to a 401(k) or have one. I you don't put into the 401(k) or similiar program shame on you. Take charge of your own future, don't expection someone else to pay for it for you. Social Security was never intended to be your sole retirement, only a suppliment. .....People say they can't afford to put in??? You have a job, you can afford it. People now adays seems to think t much is a neccessity, when in reality it is a luxury. Food to eat (basic, not steak and not out), heat (65 degrees, not 75 degrees in the winter - a fan in the summer), and a place to sleep (not a 2600 plus SF house they can't afford) are necessities. (oh, yes and some clothes, not new ones everyweek) The rest - big screen TV, cell phone, new cars or any car, are luxuries. People need to get real and take responsibility for their own decisions.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Re: Most Americans don't have a 401(k)
    BeanerECMO
    He probably makes that supposition from the fact that the largest employers in the US are small business owners and don't offer a 401k-like option. However, employees can set up either a pre-tax or post-tax IRA fund on their own (or non-workers can set up an IRA as well) and contribute to it on their own; i.e., no admin fees for the employer.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To Beaner
    Moderate
    I was unaware that non workers can generally fund an IRA. I know a worker and spouse can generally fund one. (See a taxperson for details. It is not that simple) However, you make it sound like any non worker can do so. Please substantiate that position. I believe it is wrong.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • to Linda
    Moderate
    I wish more people thought like you as far as a 401k is concerned. However, many, especially those in the lower tax brackets do not. They either do not have the money or are uneducated or have employers who do not have a 401k option. Think of those who work in fast food places or retail operations. Even one of my children has a lousy 401k. And they are very bright employers. My son does participate in the plan.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }