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Article Archive >> Business

Pointers On Pensions - Or - Is There A Life After Retirement?

by Vikki Nelson

I am like a lot of you. I follow the things that mostly interest me and what I do in my work and play.

For the greater part of my adult life and work I have been involved with politics - no surprise to a lot of you. But truly it has always held an interest for me. Having said that, I naturally go to many places and meetings and conferences that present small business venues.

Most recently I attended the NFIB Business Summit. In combination with a couple of other speeches I was able to hear President G.W. Bush address. Actually, everybody could attend many of these summits, all you have to do is get on their mailing list, they would be happy to have you as guests, business people, entrepreneurs. They have my mailing address already.

Here are some of the most interesting topics that come out of these conferences. You can often watch and see some of them enacted.

Expanding ownership of retirement assets: The tax relief legislation signed by the President provided almost $50 billion dollars of tax relief over the next ten years and strengthen retirement security. This legislation raised the contribution IRA and 401(k) accounts, allowed for additional “catch up” contributions for workers 50 and over, and speeded up the besting process for employer contributions to 401 accounts.

Providing for equal treatment of senior executives and rank and file employees: The President’s pension reform proposal would provide for equality of opportunity to senior executives and wage owners, precluding senior executives from selling company stock during times when workers are unable to do so.

Minimizing risk through diversification: The president’s proposal would ensure that workers could sell company stock and diversify into other investment options, minimizing their risk. To safely prepare for retirement it is essential to provide workers the opportunity not to have all of their “eggs in one basket.”

Strengthening women’s retirement security: The President signed a law that would allow for “catch up” contributions to retirement plans, helping millions of American women who took time out from the work force to care for dependent family members and the raising of children during their early earning years. The President’s Social Security Commission also made a number of recommendations to vastly improve the treatment of women through Social Security including the creation of property rights in a personal account for every woman who experiences a divorce, expanded benefits for widows, and new “anti-poverty” benefit guarantees that would disproportionately benefit women. The commission provisions would help nearly one million low-income Americans - a majority of whom would be women - and two to three million widows would benefit increases as a result of the Commission’s recommendations.

There were many other issues and topics covered to be followed up on at a later time. I would like everyone to know this information is available to you. You just have to look for it, and if it fits your work style or your choice of play or your particular interest you need to follow it.

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