How the pension industry is making $1.5 trillion a year out of retirement

  • October 15, 2021

Retirement plans have become increasingly popular, and they’re starting to make millions a year in fees and premiums.

The money flows into retirement savings accounts, but as many companies have begun investing in a “retirement savings product,” or RSP, that helps people pay for the things they’re going to need when they retire. 

The latest version of that product, the 401k Plan, is expected to be available to individuals in January 2018.

“You have an enormous amount of money in the RSP that you’re not getting from your employer,” said Sara O’Connor, a senior vice president at the Mortgage Investment Trusts (MIT).

“So you have an employer paying for it and it’s on the payroll.

So it’s not being distributed to you, it’s being distributed in a way that it’s only going to be distributed to the people who need it.”

“It’s going to have to be a little more generous than what the RSL (retirement plan) is, so it’s a little bit more generous,” said O’Brien.

 The new RSPs will be made up of a number of assets, like a home equity line of credit, a 401k, a life insurance policy, and a mutual fund, among other things.

It’s expected to cost $1,800 to $2,000 a year for an individual to join the plan.

It will also provide a number that can be used to purchase retirement savings products, including annuities and Roth IRAs. 

Mitt Romney, the Republican presidential nominee, has been a supporter of RSP’s and has said he wants to reduce the cost of retirement savings by up to 50 percent by 2025. 

But as with all the investment options in retirement, you’re going have to make sure you choose wisely. 

“I want to get rid of the whole 401k thing.

You know, it sucks.

You’re going back to square one,” Romney said in an interview with CNBC earlier this month.

“I want the 401k to go away and I want to do away with the 401ks altogether.

I want the RSCs to go out of business, and that’s why I’m running as an independent.”

The 401ks and RSLs have grown in popularity and in popularity they are going to grow even more. 

It’s unclear whether or not retirement savings will ever be more popular. 

As of this month, the Mt.

Gox exchange was trading for $15.9 billion.

The value of the PITV share, which is a similar RSP to the Citibank share of a pension plan with some benefits, is about $1 billion.

And with the RPS in the works, you could be making as much money as you can with a savings account in a few years, Mitsubishi Asset Management director David Zaslav told Business Insider. 

 “The growth rate in the amount of people getting a 401K and a RSP is going to continue to be the same, but it will increase substantially in the next five to 10 years, because we will get a lot more people joining the RPLs,” he said.

“And you’ll see more and more people getting into the retirement savings product.” 

It may be hard to beat the retirement options for your 401k or RSL, but for now, the retirement industry is going the way of the dinosaurs. 

There is no retiree in America who is not getting a retirement pension. 

This article originally appeared on Business Insider and is republished here with permission.

Senate pensioners to get 2% raise, but $2.1 million withheld

  • August 4, 2021

The Senate is set to vote this week on a measure that would increase the pension of Congressmembers, to an average of $207,700 a year, and give them $2,000 in bonuses and payouts, a change that would boost their pay from $202,700 to $237,700.

In addition, the Senate would raise the retirement age to 70, from 66, and raise the eligibility age for those eligible for Social Security benefits to 66, from 65.

Senate Majority Leader Mitch McConnell (R-Ky.) has said he would push the measure through with a simple majority vote if the bill does not pass, which is unlikely.

But Republicans have a slim majority in the chamber, and if the measure fails, it would not pass the Senate and face a potential Democratic filibuster.

Sen. John Thune (R – S.D.) has proposed raising the retirement pay to $270,000 and giving Congressmembers a raise of $1,000.

Thune said in a statement Thursday that he and Sen. Tammy Baldwin (D-Wis.) have agreed on a package that would raise pay by $1.25 million a year for Congress, including a $1 million bonus for each of the next two years.

The bonus would be made available to lawmakers who have worked for the Senate for more than four years, and would go to the people who served in their current offices for two years before their election.

The legislation also calls for the House to approve the measure and send it to the Senate, where it would be considered by the Senate.

A vote on the measure could come as early as next week.

This story has been updated with comment from the Senate Majority Leader.