Comments on: Cash Rich Retirement – Book Review

By: Ryan

Ryan — Fri, 11 Apr 2008 19:28:08 +0000

Jesse,

I don’t feel a sense of entitlement to Social Security or Medicare either, nor am I counting on them. My goal is to have enough investing for my retirement that I won’t need to count on them.

Government pension plans are another story… Many government pension plans don’t actually require you to put anything in either – they are automatic and based on service. They are often generous because the money earned during the working years is not always as high as it would be if you worked in industry.

By: Ryan

Ryan — Fri, 11 Apr 2008 19:25:08 +0000

Mrs. Micah – I agree on the pension issue. My brother in law just left his old company and rolled over his pension. He wanted the guarantee of receiving the money in his plan and he wanted the control as well. If I had a pension and left a company I would do the same (unless it was a govt or military pension. Those rock!).

By: Jesse

Jesse — Fri, 11 Apr 2008 16:14:11 +0000

Nice review Ryan….that aside “Other institutions that Americans have long relied upon are Social Security and Medicare, which are facing problems of their own.” That is putting it mildly. I don’t think anyone in our generation can “count” on any sort of SS left by the time we get to retirement…nor do I feel a sense of entitlement to it. Thats something I believe is currently wrong with the system: people right now believe they are entitled to government money. I know one judge who has already pulled out 6x more from his government pension than he ever put into it. Alright thats enough ranting for today

By: Mrs. Micah

Mrs. Micah — Fri, 11 Apr 2008 14:46:08 +0000

I was thinking earlier about pensions. In some ways, having one’s own retirement plan feels safer and more exciting. Pensions are limited to a certain amount, whereas 401(k)s and IRAs can grow quite nicely. And then pensions can be canceled…which is scary, you’re still tied to the company even after you leave.