RSS FeedArchive for November, 2008
Decades ago, it was assumed that households approaching retirement did so with little or no debt. By the time the AARP membership cards began arriving in the mail, the mortgage was paid off (or very close to it), the kids had grown up, attended college and moved out, and there were no more child rearing expenses.
Imagine waking up one day and discovering that your private pension or 401(k) account (which has earned an average double-digit rate of return for 18 years) has been confiscated by the government. This is a reality for the folks in Argentina, where President Kirchner announced a plan to "nationalize" the nation's private pension system, citing that the stock market is "too risky." But the greater risk is the whittling away of private investment rights for Argentenians by a cash-strapped bureaucracy. Let's hope this idea doesn't cross continents….(Read the WSJ article here)
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