Date: Fri, 16 Jan 2004 10:57:06 CST
From: noreplysoccer@hotmail.com (Jim)
Newsgroups: misc.invest.financial-plan
Subject:  Re: was PAW now savings
Message-ID:  
References:  <237a8ae7.0401150636.75c24587@posting.google.com> <20040115233225.21232.00003557@mb-m13.aol.com>
	iQBVAwUAQAgX4/l/I4+O31e5AQGfZwIAt3eKbrYHt1q3Rejm4kV5TrDEYl6iKcqP
	cJ/H0knisLUl5xqAox29iE3CDjNYSj/ZNwcgHKmGfGnGZgYB/oLGaA==
	=yxOh

mark0young@aol.com (Mark0Young) wrote in message news:<20040115233225.21232.00003557@mb-m13.aol.com>...
> In article <237a8ae7.0401150636.75c24587@posting.google.com>,
> msgrinnell@charter.net (Michael Grinnell) writes:
> 
> >At least
> >where I work most people I know don't even contribute more than (at
> >best) a token amount to the 403b.
> 
> A few years ago I casually asked the Director of Human Resources, and he told
> be that, of about 800 staff qualified to participate in our 403(b) (we have
> more on the staff, but those who are part time don't qualify), about 25%
> actually do participate. Only about 1.5% of the 800 a few years ago contributed
> $900 or more per month.
> 
contributing $900 per month is quite bit.  ($10,800 per year).

I contribute ~$5k to my 401k and I consider that a lot.  My point is
that the tax breaks for saving need to be improved so the number of
people contributing is at 50-75%.  For example, maybe we require
schools to automatically contribute 1% of a teachers salary their
first 5 years they work for that school (subject to vesting rules).

Many young teachers I know do not have the financial ability to save
for retirement- maybe this will kick start that.