Dallas Salisbury
Dallas Salisbury
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Many people don't even contribute to a 401(k) plan when given the option. And of those that do contribute, 75 percent contribute a fraction of what they could contribute.
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We've got millions of workers that don't have high school educations, ... These are the type of people who would gain a great deal from interaction with an employee benefit specialist, a 401(k) specialist or a human resources professional.
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What's interesting to note is how differently individuals in these plans choose to allocate their assets. The actual numbers end up fitting with what most advisers say people should be doing.
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I am an extraordinary fan of defined benefit plans, but the world has in fact dramatically changed. If the offset is that companies start aggressively encouraging people to save and provide financial literacy education, that may be a very positive silver lining.
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I think many people end up taking buyout offers quickly because $100,000 (or some other lump-sum payment) can seem like a great deal of money, only to end up realizing after the fact that it wasn't enough to justify leaving. People need to avoid the wide-eyed feeling of I'm winning the lottery and make sure they think about if I am 50 I still got decades ahead of me.
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The magnitude for trying to create an administrative system and make it functional for 140 million people (in Social Security) could be done, but it will take years. The federal thrift program is having problems and that's a lot fewer people.
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In general, an individual's likelihood of having health insurance coverage increases with income, ... The research reported here suggests that the uninsured population is more likely to be characterized by low income than previous estimates would have us believe.
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The administrative costs (of an employer plan) are frequently cheaper. It's generally going to cost you less money than an IRA.
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Individuals are more and more aware that Social Security is going to have problems, that Medicare is going to have problems,
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We are urged each and every day to spend and borrow and live for the moment. Don't you know that you can't live without that 51-inch projection television? How can you conceivably drive a 15-year-old car?
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Even the granddad companies that maintained these benefits are on a track moving away from it.
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What those Social Security cash flows are being used to do today is to pay down federal debt. If the government chooses to not use those trust fund dollars, if they do end up with a shortfall, then what they'll do is go into the public market, and sell debt to raise cash, and use the Social Security money to pay off other debt.
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Very little is likely to happen in 2006 because Congress and the White House are already focused on elections.
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The time to sell is not after the market has already dropped by 25 percent,