Les Wilkerson: Don't further damage retirement savings (Opinion) - Charleston Gazette-Mail
The security of a traditional pension is gone for many West Virginians. These people must continue to work or live on Social Security along with whatever savings they have put aside during their working years in their employee-based retirement plans.
For a long time, I have worked with individuals and families in West Virginia, helping them plan for their future. Most are trying their best to make smart financial decisions, knowing that Social Security benefits might not be enough for them to retire. Many of these people were detrimentally affected by the COVID-19 pandemic, physically and financially.
I saw, firsthand, several people who dipped into — or completely drained — their retirement savings during the economic shutdown last year. As vaccines are administered more and more every day, the world is beginning to reopen and people are going back to work. This is a critical time for those people to rebuild those savings as best as they can.
That is why I’m cautioning Sen. Joe Manchin, D-W.Va., against policies that further damage the retirement savings of West Virginians. Manchin has a lot on his plate right now, working to help rebuild the country and our economy, considering policies that create investments in our future and bring back some the American dream for middle-class households.
The two financial transaction tax bills introduced in the Senate would create a further burden on individuals, as it would tax everyday investors as they save some of every payday for a sustainable retirement. These accounts help ensure upward mobility and a secure retirement, both key parts of the American Dream.
Our lawmakers should know better than to attack Americans’ savings at a time like this. And while we know the negative effect it could have on retirement accounts, we have no idea the type of destabilizing effect it could have on our capital markets over time.
When my clients come to me soon to ask questions about their retirement accounts, I hope I can tell them that, in terms of a financial transaction tax, they have nothing to worry about, because Manchin has their best interests in mind.
2021-05-05 21:30:00Z
https://www.wvgazettemail.com/opinion/op_ed_commentaries/les-wilkerson-dont-further-damage-retirement-savings-opinion/article_bc717b85-54d9-5967-bf2e-782d6e521487.html
CBMipwFodHRwczovL3d3dy53dmdhemV0dGVtYWlsLmNvbS9vcGluaW9uL29wX2VkX2NvbW1lbnRhcmllcy9sZXMtd2lsa2Vyc29uLWRvbnQtZnVydGhlci1kYW1hZ2UtcmV0aXJlbWVudC1zYXZpbmdzLW9waW5pb24vYXJ0aWNsZV9iYzcxN2I4NS01NGQ5LTU5NjctYmYyZS03ODJkNmU1MjE0ODcuaHRtbNIBAA
les
Bagikan Berita Ini
0 Response to "Les Wilkerson: Don't further damage retirement savings (Opinion) - Charleston Gazette-Mail"
Post a Comment