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If your year-end 401(k) statement made you ill, I have one consolation for you: It could be worse. How’s that possible, given how horrible last year was for investors?
Simple. If you’re not close to retirement, you’ve got time to recover. If you’re in the retirement-age zone, as I am (I’m 64), at least you’ve got the option of hanging on until things get better. If you’re in the mandatory-withdrawal part of life (older than 70 1/2 ) or just need some retirement cash, you can take a minimal distribution this year and hope for the best.
If, however, you were forced to buy a lifetime annuity with your current balance — when you buy such an annuity, you trade your cash for a series of guaranteed payments for the rest of your life — you’d be making your loss permanent. That’s how things could be worse.
That is what could have happened to many people under President Bush’s proposed Social Security privatization program. It would have required people of modest and very modest means who invested their Social Security taxes in the market to turn some or all of those accounts into annuities when they hit retirement age.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Amount paid last fall for a Ford Escort driven by Pope John Paul II:
92 percent of Mexicans are relaxed by a pleasant-smelling bedroom.
Swedish biologists studying coercive mating in mosquitofish discovered that females’ brains get larger as males’ genitals get longer, and male Madagascar hissing cockroaches were found to attract mates with either their enlarged testicles or their enlarged horns.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."