HOW DOES THE UNIVERSAL SAVINGS ACCOUNT WORK?
The Universal Savings Account is a savings account set up by every worker before the time said worker receives his or her first payroll check.
The USA can be set up at the worker’s bank or brokerage house or another private institution accredited by the US Government.
There are no fees to set up the account and no fees to maintain the account or any fees regarding the investment program where the workers choose to place their money.
Each financial institution that provides the USA Accounts to their customers will also provide a smart phone app specifically to keep track of their account. The app will also provide all the necessary information to make a wise decision on which index fund to invest. For example; the younger you are the more aggressive the fund can be.
The IRS funds the USA accounts. The worker’s employers will withhold 15% of the workers pay and transfer those funds to the IRS who in turn will automatically deposit said funds into workers individual account.
The income deposited into the USA Account is tax-deferred until it is withdrawn.
From time to time Congress will determine or reset the balance threshold that would trigger when workers can begin withdrawing an income from their individual USA account.
The US Government will guarantee a bottom threshold of retirement income starting at the age of 65 that will not exceed what the benefits would allow from the current Social Security System.
Ownership of account posthumously. You can instruct the principal balance of your USA account to be rolled over to an heirs’ USA account without paying an taxes. Congress can set limits on the use of these funds for instance.
The USA App
Stay connected to every aspect of your USA account so you can make wise decisions regarding the investment strategy of your retirement fund. Watch it grow every time you are paid. Watch it grow as the magic of compound interest is reinvested. Create projections based on your current income or what your career will eventually offer you for your hard work and talent.
- Industry-first 3-D AI and VR experience.
- Connect all your financial accounts through a customized Dashboard just for your assets including property and financial holdings.
- List your liabilities including credit cards, mortgage, and loans.
- List your bank checking, savings and mortgage accounts, and balances.
- Create a dynamic budget that ranges between your prosperous goals or austere necessities.
- Timely portfolio, market, and research information
- Customized news and tailored content feeds.
- Fill out and send tax forms right from your smartphone or tablet.
- Manage your stock orders, history, and pending transactions
- Trade, transfer, deposit checks, and pay bills
- Receive timely, customizable alerts via push notifications or the Message Center
- Informative watch list
- Market research, news, and video
- Stay ahead of the game by gaining insights on international markets, stocks nearby, sector performance.
- Log in with Touch ID
And Much more
9/26/2013 - Pensions: In Chile, a major study shows the nation's private retirement accounts provide workers pensions worth 87% of their salaries, 73% of that from profits on savings. So much for the canard about the perils of markets.The story was...
by Matt Palumbo • August 16, 2018 - The Social Security (SS) system turned 83 years old on Tuesday, but given the programs fiscal issues, it has few birthdays left to celebrate. When SS was created, it acted as old age survivors insurance, as the average...
1998 - Once again, Bill Clinton is trying to outdo Congress in protecting Social Security. Two years ago, he challenged the Congress to save 60 percent of the surplus for Social Security. In this year’s budget, Clinton is proposing a "Social Security solvency...
The Obama Economy Was A Disaster As a part of this mid-term election, former President Barack Obama has hit the campaign trail. It appears in joining this fight his main target is countering the enormous success of the Trump economy. Barack contends that...
You should. After 241 years, according to the USDebtclock.org total US debt is just as large as all private and public assets combined. You can’t pick one reason for such a disastrous result for the most powerful, richest, and the freest country on the...
When asked that question many people reply with a question. Who is going to clean my house, who will pick up the garbage, where will we get stoop labor to pick our crops? Some will think this is selfish, but the reality is very compelling. If everyone is...
At some point in life, everyone must consider how to pay for retirement. That was not an issue when the Constitution was written. In those days families took care of the elderly. Today, that is the exception. Individuals have had to turn to private and...
If you are an average American, it is unlikely that you are deeply concerned about poverty. 100 million Americans receive some sort of government financial assistance and that doesn’t include people on Social Security or Medicare. When you add government...
Prosperity for all is possible with Universal Savings Accounts "We have an opportunity to make the world a better place. Rather than wasting time compromising the political ideologies of progressives and conservatives, Americans could use that time to...
The American Government needs to work better for the people. It needs a redo. As long as it does, let’s try to make it a comprehensive redo in which many goals are reached. The USA Plan is a step in that direction. The USA Plan multitasks to reach the...