Clinton’s Retirement Plan

by Dual Income No Kids on October 10, 2007 · 0 comments

The financial news that caught my eye today was Clinton’s proposed retirement plan. The basic gist is to provide matching funds for a 401(k) type plan for all middle income Americans (making under $60k). The feds would pay fifty cents on the dollar for those in between $60k & $100k (meaning you get a $500 bonus for your $1,000 contribution).

Clinton points out, “We’ve got a lot of workers — more than half in America right now — without any employer-based retirement system.” While us DINKs are certainly all for saving for retirement, I think the issue goes a bit deeper than simply providing matching funds.

I’ve looked for any mention of financial education tied to this program and haven’t been able to find anything. In my opinion you could do a lot of good by putting some of that money towards a solid financial education. That goes for not only the youth, but those of all ages.

Certainly matching funds are a nice incentive that parents with the ability to do so would offer to their children to promote savings. I would argue that unless that comes with a fair dose of education about financial basics that the money just won’t go as far.

I do agree with Clinton’s statement, “Through the discipline of good planning and the miracle of compound interest, you should be able to build wealth for yourself.” I would also add to that the importance about learning through that process.

Happy Savings!

Miel

You can get the full story and details from the New York Times.

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