Banking laws and laughter in today’s letters to the editor.
Pick of the Day: Working years should see you through retirement
A report released by the Employee Benefit Institute this week revealed that 57 percent of workers surveyed in the U.S. have less than $25,000 in savings and investments excluding their residence. The survey also indicated that 28 percent of our citizens feel they will not have enough money to retire.
Workers must plan their own retirement by calibrating five critical elements: years of work, contributions to retirement plan(s), percentage of return on investments, health and years of life. The math simply does not allow an employer (government or business) to pay a worker for 25 years of work followed by payment of retirement benefits for 35 or 40 years.
Here is an important maxim for all U.S. (and world) citizens to understand: A worker must produce for the employer, in government or business, value equal to what is earned in pay and received in benefits while employed and during the entire course of retirement to maintain a balanced economy.
When money is taken from an employed worker to pay a person who is no longer creating value, the system becomes a Ponzi scheme and is doomed to fail.