Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : It's the Economy- Stupid -- Ignore unavailable to you. Want to Upgrade?

To: ztect who wrote (10)	6/27/2000 3:35:00 AM
From: ztect	Read Replies (2) \| Respond to of 65

Gore: "Retirement Savings Plus" algore.com Gore Offers "Retirement Savings Plus" Enters Second Week of Prosperity and Progress Tour Lexington, Ken. - June 20 - Continuing his Prosperity and Progress Tour, Al Gore today detailed his plan to establish Retirement Savings Plus - tax-free personal savings accounts with a government match that would help people build a nest egg of up to $200,000. The voluntary, privately managed accounts would be similar to 401(k) accounts, with individual investments matched by the government rather than by employers. They would be separate from Social Security and provide retirement resources in addition to Social Security's guaranteed benefit. "I am proposing a plan to give families the real help they need to build better lives for themselves and their children," Gore said. "My plan for private savings and investment is very different from what others have proposed in this election. It doesn't come at the expense of Social Security. It comes in addition to Social Security." Retirement Savings Plus will create tax-free savings accounts to build a retirement nest egg in addition to Social Security's guaranteed benefit. The federal government would match individual contributions with tax credits, with the hardest-pressed working families getting the largest tax credits. For a married couple making up to $30,000 annually, each spouse could contribute $500 annually to his or her own account. The refundable tax credit would add another $1,500, providing a total account of $2,000 per person. Couples making between $30,000 and $60,000 would receive a $1000 matching tax credit, and couples earning up to $100,000 would receive a $500 matching tax credit. Individual contribution Tax credit match Total account Retirement Nest Egg Married Couple making $30,000 $500 $1,500 $2,000 $200,000 Married Couple making $60,000 $1,000 $1,000 $2,000 $200,000 Married Couple making $90,000 $1,500 $500 $2,000 $200,000 The accounts would be voluntary and based in the private sector - not managed by the government. Personal savings as well as government matching funds could be directly deposited into an individual's account. Gore has always supported private savings and investment as well as additional tax incentives for middle-income families, but has never supported any plan that would siphon taxpayer funds away from Social Security and risk its guaranteed benefit. His Retirement Savings Plus initiative is one of the largest programs of tax-free, private savings ever proposed. A young married couple that invested together the full $4000 for 35 years in a balanced portfolio of equities and bonds, with a conservative 5.3 percent annual rate of return would build a nest egg of more than $400,000 for retirement. Gore again highlighted the principles of his Prosperity and Progress Tour. Speaking last week at the New York Historical Society, he discussed his vision for continuing America's economic prosperity and making new progress on education, health and the environment. In today's speech, Gore stressed the importance of maintaining the economic principles that have helped contribute to the nation's record growth. "I'm committed to the economic strategy that has given us record prosperity. If America doesn't keep making the right choices, we will never be able to give our families the help they need," Gore said. "I'm committed to the economic strategy that has unlocked the skill, the creativity, and the ingenuity of the American people and turned it into wealth for them and economic abundance for our nation."