Savings accounts? What?

[Lyric]

I missed something, I think?

[Dawgs]

1. Agree. That sounded like a Bush program.

:shrug:

[Lyric]

2. I was getting a drink, and came back to hear something about savings accounts

but I didn't hear any details. What was he talking about?

[Connie_Corleone]

3. Tax-free universal savings accounts. Have no idea what that is.

[high density]

4. Err... IRA?

[Lyric]

6. Is that what he meant?

I wasn't sure.

[high density]

11. No idea... Maybe he wants to remove the withdrawal limits

[Connie_Corleone]

7. I think it's like 401Ks for everyone IN ADDITION to social security.

NOT to replace social security.

[Lyric]

9. Ahhh. Well I don't know much about that

but so long as it's not something replacing SS, I'm cool with it.

:)

[Kdillard]

5. Yeah I was wondering about that too ??

[Kat45]

8. I didn't like hearing that either.

I don't think we were the only ones with that reaction; I noticed there wasn't much applause for it.

[Uzybone]

10. Here is the line, make of it what you will

"To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans."

[Scooter24]

12. It sounds like a complimentary program to SS and not a replacement...

Sort of like 401k

[Colobo]

14. I like the idea.

[buzzard]

13. In our last budget Canadians were given the ability to shelter 5000 dolllars a year in a Tax Free

Savings Account, it is in addition to our RRSP contributions(I think like your 401K's Canada Pension Plan and Old Age Security. I think he was talking about something like this.

http://en.wikipedia.org/wiki/Tax-Free_Savings_Account
The Tax Free Savings Account or TFSA is an account that provides tax benefits for saving in Canada. Contributions to a TFSA account are not deductible for income tax purposes but investment income, including capital gains, earned in a TFSA are not taxed, even when withdrawn.