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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (19996)12/31/2004 12:00:56 AM
From: portage  Read Replies (1) of 116555
 
Watch for this to be twisted for maximum effect in the upcoming debates. A small number of California cops and firemen have negotiated what is really overly generous terms that would give them 90% of their final salary at age 50, if they'd worked for 30 years in the plan. What you'll see is that figure quoted as if it applied to all, when it's actually much lower for most.

Defined contribution plans are going to prove a bust for all but the most astute, I predict, when the debt reckoning fallout finally hits home. And there aren't too many in that category.

On the other hand, if everyone got a Franklin Raines plan, your "long run" would be considerably shortened.
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