Personal Finance and Investing

bucolic_frolic

(46,975 posts)

7. IRAs were Reagan's policy

Sat Jul 3, 2021, 04:06 PM

Jul 2021

Republicans wanted to end the evil government Social Security and replace them with private investment funds - hence the IRA.

It may well be that they are beneficial in supporting those who funded them, and that they fund retirement well, but truly poor people didn't have the income or discipline to invest, manage, keep until retirement. They created more haves and have-nots - the very essence of privilege based on having money over those who don't.

Social Security was conceived to give working people, all workers, subsistence level support in retirement - heat, food, rent. It was not meant to insure against inflation and support the rich. So its goals have changed since 1936.

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What Peter Thiel's Roth IRA Means for Yours [View all] question everything Jul 2021 OP

Interesting. I didn't know any of this was coming down the pike progree Jul 2021 #1

I'm so glad I converted my traditional IRA to ROTH jimfields33 Jul 2021 #2

I think that you now can wait to 72 to start withdrawing. question everything Jul 2021 #4

Yes, you are right, I will clarify that in my posting. 70.5 is the age when one can do QCD progree Jul 2021 #6

There always should have been limits on size of IRAs, but that's not what the GOP wanted bucolic_frolic Jul 2021 #3

IRAs and 401K ended up replacing the disappearing pensions. question everything Jul 2021 #5

IRAs were Reagan's policy bucolic_frolic Jul 2021 #7

I did a little Googling - I suspect IRAs were quite bipartisan progree Jul 2021 #8

I mean I sort of want to agree with you, and recognize your point, BUT bucolic_frolic Jul 2021 #9

"As you can see from the votes in Congress, Democrats were slightly opposed." progree Jul 2021 #10