Delaware has established a retirement fund that it says will “provide retirement income to individuals who have fallen into a retirement retirement-related crisis” that has been exacerbated by the economic downturn.
The fund will offer $500,000 per year in funds, which are distributed as follows:For individuals who are 55 and older, the maximum annual contributions will be $5,000 and for people with incomes below $50,000, the max annual contribution will be only $2,000.
The funds will be distributed over four years.
The fund will initially be run by the Delaware Retirement System and its directors will include former US President Donald Trump, his son Eric and his daughter Ivanka.
The company is hoping that the funds will help people “take control of their financial future and achieve a more comfortable retirement”.
The fund is funded by an online service called Delaware Retirement Plan.
This online service allows people to manage their money online, without having to contact the local retirement system.
It’s not yet clear whether the funds are available to all citizens of Delaware, but the state is considering providing the funds to people with no other choice.
The state has set up a website, www.delawarefund.com, where anyone can register to receive the funds, and is working with the Federal Reserve Bank of New York to establish an account with the central bank.
Delaware has also established a fund for those who are retired and are eligible to receive retirement income.
It has set aside a total of $8bn to support the fund.
This story, “Delaware Funds for Retirement” was originally published by Crypto Coins.
