He's correct.
The real estate market is collapsing due to higher rates. It's gutting the first time home buyer segment right now.
What's actually happening is that foreign buyers have fled US debt and good 'ol wall st. is engineering another collapse.
Wash, rinse, repeat.
Remember the good old days when Obama sided with wall st. after they destroyed our economy? When he protected those crooks from prosecution?
The boomers had their pensions destroyed by the likes of Reagan, in collusion with the Dems, forcing Americans into IRAs. Now that they are finally trying to retire, walls st. will crush the market, revealing the pipe dream of the flush IRA and easy retirement for what it is. A pipe dream.
The majority of boomers are too busy trying to support their kids to see the train wreck coming. Both parties have been in the pocket of wall st. for a 100 years.
Retirement savingsWhile the average (mean) and median IRA individual balance in 2008 were approximately $70,000 and $20,000 respectively, higher balances are not rare. 6.3% of individuals had total balances of $250,000 or more (about 12.5 times the median), [28] and in rare cases, individuals own IRAs with very substantial balances, in some cases $100 million or above (about 5,000 times the median individual balance). [30] This can occur when IRA owners invest in shares of private companies, and the share value subsequently rises substantially.
In November 2014, the Government Accountability Office (GAO) released a report that stated there were an estimated 314 taxpayers with IRA account balances of greater than $25,000,000. Also that there are an estimate of 791 taxpayers with IRA account balances between $10,000,000 and $25,000,000. [31] The purpose of this report was to study individual retirement accounts (IRAs) and the account valuations. There were concerns raised about whether the tax incentives encourage new or additional saving. Congress is reexamining retirement tax incentives as part of tax reform. GAO was asked to measure IRA balances and assess IRS enforcement of IRA laws. [31]
According to a study done by the National Institute on Retirement Security, titled "The Continuing Retirement Savings Crisis", 45% of working Americans do not own any retirement account assets, whether in an employer-based 401(k) type plan or an IRA. Furthermore, the typical working household has virtually no retirement savings - the median retirement account balance is $2,500 for all working-age households and $14,500 for near-retirement households. [32]
While inflation-adjusted stock market values generally rose from 1978 to 1997, in March 2013 they were lower than during the period 1998 through 2007. [33] This has caused IRAs to perform substantially more poorly than expected when current retirees were investing the bulk of their savings in them. [34] In 2010, Duncan Black wrote in an opinion column in USA Today that the median household retirement account balance for workers aged 55 to 64 was $120,000, which "will provide only a trivial supplement to Social Security", but a third of households had no retirement savings at all. [35]
en.wikipedia.org
ERISA was enacted in 1974 and signed into law by President Gerald Ford on September 2, 1974, Labor Day. [9] [10] In the years since 1974, ERISA has been amended repeatedly. |
