By Paul Mulshine | The Star Ledger
on April 19, 2015 at 7:53 AM, updated April 19, 2015 at 7:54 AM
That’s not because Amanda Lott is a retiree. It’s because she’s a financial planner. If this plan goes through, financial planners will make a fortune trying to rescue future retirees from its effects.
“The proposed benefit reform could remove more than 20 percent of the retirement income from an American couple,” the email read. It went on to point out how the Christie plan could cause even more retirees to flee New Jersey than are currently leaving.
I decided to give Lott a call at her office in Morristown to learn more about the problems with the plan.
“This punishes people who have been fiscally responsible and have saved all of their lives,” Lott said. “But people who haven’t planned ahead will be rewarded.”
The problem is the “means testing” that is the basis of the plan. Means testing is usually something pushed by Democrats for the obvious reason that it takes from the rich and gives to the poor.
https://www.nj.com/opinion/index.ssf/2015/04/chris_christie_should_retire_that_retirement_plan.html
https://nypost.com/2015/04/19/jerseys-junk-finances/
Maybe the mouth of NJ should go to school and study economics instead of preaching like Harry Ried.
especially the voters
For SS to be sustainable it needs to be changed. Means testing is a reasonable component of any effort to reform the system before there is a system-wide failure. I am a few short years away from eligibility so I have a stake in the debate but I also have a stake in the future of our country. Of course no one wants give up entitlements, but sacrifices are required (See Greece meltdown).
12:10, the pension hogs of NJ will drive us right off the fiscal cliff before they give up anything. We’ve had decades of state & local government’s overpromising unsustainable pension and healthcare benefits to buy union votes. The union thugs will tell you that their pensions would be fine “if the governors had just made their contributions”, but they never ask if the required state & local contribution amounts were too high to begin with. And they won’t even discuss healthcare benefits because even they know it’s a scam paid for by the rest of us, and don’t want to acknowledge the theft they’re perpetrating with what are essentially free $26,000 annual health care plans for very little out of pocket.