the 401k scam.

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Anonymous

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A sucker born every minute. The 401(k) scam.
Hey buddy, give me 15% of your paycheck. In 30 years I'll give you a million dollars. ok?

Oh you want your money now? Well you will have to pay a penalty and outragous taxes.

SCAM SCAM SCAM!!!!
 












Anonymous said:
A sucker born every minute. The 401(k) scam.
Hey buddy, give me 15% of your paycheck. In 30 years I'll give you a million dollars. ok?

Oh you want your money now? Well you will have to pay a penalty and outragous taxes.

SCAM SCAM SCAM!!!!
Click to expand...

First off. You were saving in a RETIREMENT account. Secondly, nobody forced you to invest 15% ( sounds excessive to me ) when the company only matches to 6%. You fail to recognize the most powerful force in the universe, compounding interest. You had no guarantee of having a million at retirement, but you had a better chance saving through payroll withdrawl than on your own. Now, since you are not retired and want access to it, you're angry. Check out taking a loan from it and you shouldn't have to pay the federal income tax plus penalty.
 




























smart guy-I understand compounding, I also understand the power of negative returns over the past 12 years. The value of your account goes down 50%, to get that back your account needs to increase 100%. Plus, I don't trust anyone on wall street. All the laws were written by major corporations to benefit the corporations without any concern for the average working people.
 




The 401k doesn't exist for anyone who's trying to save for retirement, it's simply another gross example of lobbyists and congress creating something that looks like it's intended for the masses but in reality the banks, brokerage houses, fund managers and members of congress are the ones who truly profited from this legislation by funneling trillions of our dollars into the stock market. On this issue, the occupy people got it right.
 












Anonymous said:
The 401k doesn't exist for anyone who's trying to save for retirement, it's simply another gross example of lobbyists and congress creating something that looks like it's intended for the masses but in reality the banks, brokerage houses, fund managers and members of congress are the ones who truly profited from this legislation by funneling trillions of our dollars into the stock market. On this issue, the occupy people got it right.
Click to expand...

The 401k was devised to put the power and the risk with the investor. As an investor you have to make smarter choices. No investment plan offers 100% absence of risk. On the other hand, BMS and other companies have done away with their pension plans in favor of the 401k. No passbook savings or money market plan can now gross you a full percent yearly on your investment. A lot different than the 19% I was earning with a money market fund in 1980. Likewise corporate, municipal or Treasury Bonds are not yielding what they did then either. If you believe the hype, the only place to earn money with your money is in the market, and today it is moving laterally. Mostly risk, not enough gain. You may consider high dividend yielding stocks. BMS is a good example. You may want to fund your own retirement through a self funded annuity. GOOD, reputable life insurance companies could help you with that. 5-7% return yearly over 30 years would be great compared to what has happened recently, but keep in mind that when the market earnings return and some shlub is earning double digit returns for a few years in a row, you won't and can't with an annuity. The Occupy Mob only wants to redistribute wealth or make fat cats pay for their individual losses. That is not justice. Investing is a zero sum game. There are a few winners and loads of losers. The best revenge is living well and that means you need to invest better. Diversify. Good Luck.
 




401k's are a joke.
to limit the assets to 10 fidelity funds, in effect, is ludicrous.
A retirement fund should be whatever you want it to be.
all cash, commodities, real estate, whatever you choose.
If you have no clue, then put it in cash and just save.
If you can't save, lower your lifestyle - go live in the cheap seats.
way too many restrictions on 401ks.
The ONLY plus to a 401k is if your company matches 100%,
that's free money in the bank.
 








The 401K was created to allow corporations to dump their retirement plans and screw their employees under the veil it was in their best interests.

I am 43 years of age lost my house in my divorce, lost my business to the economy all my savings and I am now in bankruptcy - My plan for retirement? - capitulate to the fact I am screwed and accept that I will work until I am dead."

Unfortunately you are not alone in your situation. America is fast becoming a myth. Many people scrape by while the banking class lives in luxury off the wealth the poor produce. No, Mitt Romney is not a "risk-taker" or a "successful businessman." He is a big-time thief.

It is easy to smile, wear nice suits, act pleasant when you and your family have no worries and give to live a good life after stealing $200 million from Americans over a 15-year span and have the mainstream media like CNBC praise you to boot.
 




The majority of the posts on this topic explain why 75% of Americans have less than $25,000 saved toward their retirement. Take some personal responsibility for your life. We don't mind paying to help orphans, widows and the disabled - but you other fuckers go to work.
 








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