Conservative Commentary/Opinion on Local, State & National issues. Hours 6am to 7pm to respond to comments
Monday, August 13, 2018
Marco on his Family Leave Proposal
5 comments:
Anonymous
said...
That's a ridiculous idea. Social Security pays little enough when you're eligible to collect it, let alone taking it out for family leave. So what happens next? How about if the child or parent gets sick, do you just keep taking money out of your Social Security account? If you can't have a career and a family, then somebody has to quit and stay home. It's been done for almost 100 years now. As Milton Friedman famously said: "There's ain't no such thing as a Free Lunch!"
You would just be borrowing from future social security payments. How many times do you think you need family leave? Not very often. This takes the burden off of the employers to pay for family leave and you would receive your social security benefit a little later at retirement.
Social Security was never meant to be a savings account. It wasn't set up that way and early withdrawals will affect the integrity of the entire system.
Remember, Rubio was the one who withdrew funds from his 401K in order to pay for a new fridge and A/C. No matter what you think of him as a politician, he has little financial common sense.
Please be specific when you say it affects the "integrity of the entire system." If you take money for a family leave situation, you have to work that many years longer to get your retirement benefit. Marco Rubio did what was allowed by law on his 401k. He borrowed around $68,000 and incurred a 10% penalty to do so.
Social Security as it was conceived and as it has been run counts on Americans to contribute to it through their working years and then, at a designated age, start receiving their distributions. If people take a portion of their distributions before "their time," it upsets this balance and has the potential of weakening what is a tenuous program even more.
No one said what Marco did with his 401K was illegal. But anyone with a lick of financial knowledge knows that taking money out of your 401K early is one of the more stupid strategic financial moves you can make. I'm just saying Marco may not be the best person to be listening to when it comes to these kinds of things.
5 comments:
That's a ridiculous idea. Social Security pays little enough when you're eligible to collect it, let alone taking it out for family leave. So what happens next? How about if the child or parent gets sick, do you just keep taking money out of your Social Security account? If you can't have a career and a family, then somebody has to quit and stay home. It's been done for almost 100 years now. As Milton Friedman famously said: "There's ain't no such thing as a Free Lunch!"
You would just be borrowing from future social security payments. How many times do you think you need family leave? Not very often. This takes the burden off of the employers to pay for family leave and you would receive your social security benefit a little later at retirement.
Social Security was never meant to be a savings account. It wasn't set up that way and early withdrawals will affect the integrity of the entire system.
Remember, Rubio was the one who withdrew funds from his 401K in order to pay for a new fridge and A/C. No matter what you think of him as a politician, he has little financial common sense.
Please be specific when you say it affects the "integrity of the entire system."
If you take money for a family leave situation, you have to work that many years longer to get your retirement benefit.
Marco Rubio did what was allowed by law on his 401k. He borrowed around $68,000 and incurred a 10% penalty to do so.
Social Security as it was conceived and as it has been run counts on Americans to contribute to it through their working years and then, at a designated age, start receiving their distributions. If people take a portion of their distributions before "their time," it upsets this balance and has the potential of weakening what is a tenuous program even more.
No one said what Marco did with his 401K was illegal. But anyone with a lick of financial knowledge knows that taking money out of your 401K early is one of the more stupid strategic financial moves you can make. I'm just saying Marco may not be the best person to be listening to when it comes to these kinds of things.
Post a Comment