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  • From: Jim Allman <jim AT ibang.com>
  • To: Tanner Lovelace <clubjuggler AT gmail.com>, InterNetWorkers AT lists.ibiblio.org, http AT lists.ibiblio.org:"//www.ibiblio.org/internetworkers/" <internetworkers AT lists.ibiblio.org>
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  • Subject: Re: [internetworkers] UK contracting - taxes and border questions
  • Date: Tue, 8 Feb 2005 12:48:50 -0500

On Feb 8, 2005, at 12:37 PM, Tanner Lovelace wrote:
So, what happens if your income is above the poverty line? Do you
get it all in a lump sum payment?

That's my understanding, yeah. Or you can choose the annuity, which would basically do what SS has always done--given you a guaranteed, hell-or-high-water stream of income.

Some pretty smart people (IMO) have started pondering their options under these guidelines, and many of them have decided that 3% over inflation (the return you have to beat for private accounts to pay off) is looking like pretty sweet risk-free "ballast" for a diversified retirement portfolio. Private accounts would offer some stock-market play for people with *no* other savings than SS, but one could argue that someone with no other savings can't afford that kind of risk.

I'm starting to think this is an agonizing process of reinventing the wheel, only with lower benefits. We're approaching the point where the best argument for private accounts is that the US is doomed to default on all huge obligations (think treasury bonds), and that's kind of a doomsday scenario, don't you think?

=jimA=

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Jim Allman
Interrobang Digital Media
http://www.ibang.com/
(919) 649-5760





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