This is just another way for them to control any savings you might have and add required terms and conditions for you to access your own money.
The crucial point, according to many experts, is that the provision includes the option of automatic enrollment, so workers would begin putting aside for emergencies by default
I believe people can opt out of this, and since you can access the rainy day fund for any reason whatsoever it's not a huge problem. I really don't agree with automatically enrolling people in 401k plans though. You can lose money in the stock market, so people should need to make conscious decision to get involved in that. If Joe has $300 swiped from his paycheck without his consent and he loses $100 in the stock market that's fucked up.
The student loan part and the rainy day savings part are 2 separate things.
The student loan part would allow employer to treat student loan payments as a 401k contribution for the purposes of matching, so you would get that employer contribution to your 401k account for making a student loan payment. It would be a bad idea to rely on this alone, since the amount of the payment obviously wouldn't go into the 401k account.
The rainy day fund would essentially act as another savings account that you could contribute to as a payroll deduction (something I've approximated myself with a second savings account at my bank). Employers can match it if they want, but it has a limit of $2500.
All this really does is authorize employers to offer more benefits without requiring it, and I don't see a problem with that. This would also incentivize paying off your student loans, which is obviously a good thing. The automatic enrollment could cause problems, but unless they make it mandatory (and I don't believe they do) the effect here is making these programs opt out instead opt in as they are now. I don't agree with fucking with people's finances without their consent like this, but people can opt out of these programs if they want/need to. There are far bigger problems with their shitbill than this, like Cocaine Mitch helping Schumer fuck over the House GOP to spite the base.
AH OK! That explains why it went from loan repayments to rainyday names. It's really poorly written (in favor of sucking dem dick) and I obviously misunderstood the part where they transitioned from one to the other. The problem with the rainyday fund is that if you use it, you can't claim the emergency against your taxes. And rarely is there an emergency under $1000 a year, so you pay taxes on what you take out. Which is why I thought it was totally fucking people over on their retirement. Instead, it only gives their retirement a reacharound.
It's like the one debt you can't declare bankruptcy out of.
Child support and alimony are in that category as well. Princess isn't going to be denied her cash and prizes while she cucks Billy Betabux.
Student loans need to be dischargeable in bankruptcy again, but the colleges who sold those worthless degrees need to be on the hook when that happens.
Yes, although that's not gonna happen. A simpler solution is to teach youngsters that they don't need that kind of college. Community colleges and institutes are enough. Most jobs don't even really need anything that's taught beyond high school.
I don't hate the idea of a program that automatically puts away money for people on principle, but I don't want the ideas of anybody under 40 anywhere near my bank account.
This is just another way for them to control any savings you might have and add required terms and conditions for you to access your own money.
The tortured wording here = confiscation.
I believe people can opt out of this, and since you can access the rainy day fund for any reason whatsoever it's not a huge problem. I really don't agree with automatically enrolling people in 401k plans though. You can lose money in the stock market, so people should need to make conscious decision to get involved in that. If Joe has $300 swiped from his paycheck without his consent and he loses $100 in the stock market that's fucked up.
the opt out part is just the starting point, you're a fool if you think it'll stay like that.
You could opt out of social security initially too.
And you can have a 401k set up entirely with bonds (not that that is a good idea but you won’t have the market while out your savings)
The student loan part and the rainy day savings part are 2 separate things.
The student loan part would allow employer to treat student loan payments as a 401k contribution for the purposes of matching, so you would get that employer contribution to your 401k account for making a student loan payment. It would be a bad idea to rely on this alone, since the amount of the payment obviously wouldn't go into the 401k account.
The rainy day fund would essentially act as another savings account that you could contribute to as a payroll deduction (something I've approximated myself with a second savings account at my bank). Employers can match it if they want, but it has a limit of $2500.
All this really does is authorize employers to offer more benefits without requiring it, and I don't see a problem with that. This would also incentivize paying off your student loans, which is obviously a good thing. The automatic enrollment could cause problems, but unless they make it mandatory (and I don't believe they do) the effect here is making these programs opt out instead opt in as they are now. I don't agree with fucking with people's finances without their consent like this, but people can opt out of these programs if they want/need to. There are far bigger problems with their shitbill than this, like Cocaine Mitch helping Schumer fuck over the House GOP to spite the base.
AH OK! That explains why it went from loan repayments to rainyday names. It's really poorly written (in favor of sucking dem dick) and I obviously misunderstood the part where they transitioned from one to the other. The problem with the rainyday fund is that if you use it, you can't claim the emergency against your taxes. And rarely is there an emergency under $1000 a year, so you pay taxes on what you take out. Which is why I thought it was totally fucking people over on their retirement. Instead, it only gives their retirement a reacharound.
Student loans are a blight. It's like the one debt you can't declare bankruptcy out of.
Child support and alimony are in that category as well. Princess isn't going to be denied her cash and prizes while she cucks Billy Betabux.
Student loans need to be dischargeable in bankruptcy again, but the colleges who sold those worthless degrees need to be on the hook when that happens.
Yes, although that's not gonna happen. A simpler solution is to teach youngsters that they don't need that kind of college. Community colleges and institutes are enough. Most jobs don't even really need anything that's taught beyond high school.
They always have been. Look up inflation.
I don't hate the idea of a program that automatically puts away money for people on principle, but I don't want the ideas of anybody under 40 anywhere near my bank account.