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September 27: Financial hurdles; Wall of Shame and the law; Palin and McCain

September 27, 2008

'Making ends meet' is relative

I read the article "Living within their means" [News, Sept. 23] and noted the line, "A few months ago they stopped contributing to a 403(b)...because they were losing money." What a mistake for this young couple in their early 30s. They will most likely work another 30 years and then spend upwards of 30 years or more in retirement, and they are making this decision in 2008!

This is a classic case of why most portfolios perform so poorly: investing based on emotions. First, they have a life expectancy of another 60-plus years; second, they are contributing small amounts on a monthly basis to their 403(b) (dollar cost averaging); third, the money being contributed is tax deductible, and, last, the investments are growing tax-deferred. And most important, stocks are now on sale and what a great time for this couple to be buying.

Instead, they are making an emotional decision today for money that will be needed in 30-plus years from now. And we wonder why so many Americans cannot afford to retire?

Stuart J. Pastrich, CFP

Plainview

Editor's note: The writer is a certified financial planner.

I cannot understand why you would pick a young couple regularly making $200,000 a year to focus on for your "making ends meet" feature. Most of us wish we had the luxury of making ends meet on such a high income. Not only does this couple really not have to struggle to keep their heads above water, but, because they are both teachers, they will walk away at the end of their careers with a pension (paid for primarily by lower-income taxpayers) that most of us can only dream about.

If you are going to continue this feature, why not concentrate on people who actually might have to struggle to make ends meet - people like hairdressers, taxi drivers and waitresses.

Roger Gilmore

Westbury

Wall of Shame's legal flaws

Nassau County releases new "Wall of Shame" photos and Newsday publishes them ["Nassau releases new 'Wall of Shame' mug shots," Newsday.com, Sept. 22].

I guess nobody has learned a lesson from the case of the diabetic woman incorrectly arrested for DWI and posted on the "wall." Maybe a large damages award in her lawsuit will have an impact.

Richard J. Burke

Lindenhurst

Payne reveals truth on McCain

Three cheers for columnist Les Payne. Finally someone reveals the truth about Sen. John McCain and his participation in the savings and loan debacle of the 1980s ["Palin-McCain hardly puts America first," Opinion, Sept. 22]. McCain was an active participant in the good old boys network that he now blames for the problems on Wall Street.

It took a journalist to reveal something that the Democrats seem to have forgotten about, or are afraid to talk about. Keep up the good work.

Kenneth John

Bay Shore

GOP is failing

Disclosure 101

Do the Republicans really think that Sarah Palin's meetings with heads of state at the United Nations will give her foreign policy credibilty in the eyes of the voters ["Her private tutorials," News, Sept. 24]? That's like saying that a medical student can learn to perform delicate brain surgery by having lunch with her professors. What a joke, and what an insult to the voting public.

J. C. Romano

Bellmore

A paranoid is someone who knows a little of what's going on, says William S. Burroughs. The Republicans shut Sarah Palin up, kept the press away, and then McCain wanted to stop the debate. What's next? Cancel the election?

Gus Franza

Moriches