the 401k scam.

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Anonymous said:
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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Greetings fellow posters. I posted #4 and #15. The guy some refered to as Smart Guy. Whoever posted 5,10,11,12,13,16 and 18, you people need to wake up. I'm under employed for 10 months now. I don't hold anybody responsible for my well being but me. Things happen, then you figure out your next best move. Every lefty I hear from has misdirected anger, and they're pointing their fingers at others rather than their thumbs at themselves. If you are still employed, hire a professional to manage your 401k if you cannot do it yourself. If you aren't employed and need some of your 401k cash to survive, don't cash out. The best way to double your money is to fold it in half and put it back in your pocket. If you must, see if you can take a loan out on it. Usually it's tax free and in some cases you won't have to pay it back until you cash out at retirement. Whoever wrote the original thread is delusional. The 401k is the best company savings plan devised other than the Roth IRA. Lastly, to this attached poster, have some compassion. It is not so easy to find comparable compensation in this economy. Maybe in some markets, but certainly not all.
 








Actually no it is not. 401k is for the benefit of the banksters and mutual fund companies and managers...... I'm O.K. with putting just enough in to get the company match but not a penny more.
 




Anonymous said:
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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Good statistic - Shows most Americans are dumb asses when it comes to their futures. Personal responsibility is lost in today's society and when the time comes to retire they want to be "taken care of" because of their poor ass planning.

Ready to retire and don't need anyone to take care of me or my family
 




Anonymous said:
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.
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Yeah but Mitt made 22 million more than you last year legally. Doesn't sound like you're the "successful businessman" either.
 
















This is one of the most idiotic posts ever on CP. the OP is ignorant. By the way OP, you do not have to participate in the 401k if you do not want to, take your money and manage it all by yourself, retire a multi millionaire with your brains.
 




Anonymous said:
This is one of the most idiotic posts ever on CP. the OP is ignorant. By the way OP, you do not have to participate in the 401k if you do not want to, take your money and manage it all by yourself, retire a multi millionaire with your brains.
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Agree totally here - Read the story about the "ant and the grasshopper". I'm proud to be an ant. The grasshoppers will make excuses and cry foul when confronted with their irresponsibility in the future..........or support the candidate that provides the most "free stuff".
 




Do the math. Do the accounting: simple assets and simple liabilities. You can only classify 60% of the initial principal value of the 401k as an asset in your name. Remember taxes due today and in the future are classified as liabilities. Unpaid "management fees" to mutual funds are liabilities.
Higher taxes in the future also-count on that.
 








Anonymous said:
Do the math. Do the accounting: simple assets and simple liabilities. You can only classify 60% of the initial principal value of the 401k as an asset in your name. Remember taxes due today and in the future are classified as liabilities. Unpaid "management fees" to mutual funds are liabilities.
Higher taxes in the future also-count on that.
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Then don't invest in the 401k asshole.
 




Anonymous said:
I agree. I've been a "high earner" straight out of college, so I pay a boatload in SS Taxes. Thankfully, I can always count on that being there when I retire.

...Enjoy MY money Dude!
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You are truly a fool! You only pay into payroll taxes up to a certain amount per year, so your high earner statement is ignorant to begin with. Secondly, it was the democrats who originally funnelled social security and medicare into general revenues to pay for expansion of these said programs. I understand you may be wondering why you contribute to a program you will never receive, but the change you seek will not come from the anarchists of the Occupy movement. It will come from conservatives such as Paul Ryan from Wisconsin who see the problem and want to fairly correct it without destroying our society in the process. I can assume you are thinking, yeah Wisconsin, look what they are doing to the unions there. If you dig into it, you understand that what was asked was simply that public service employees not private union members pay their fair share for their fringe benefits. To achieve that and to correct 50 years of public service employee abuse, the govenor ended the privilege of collective bargaining for fringe benefits and stopped the practice of payroll deduction of union dues. The controversy rests with that. Unions/Democrats want their campaign money. If you want meaningful change, elect those like Paul Ryan, Scott Walker and those who back them, and then you can enjoy your own money!
 




What I recently learned and think most people are missing is that when your account value goes down say 25% and then it goes back up 25% over say a 3 year period, that you have lost 3 years of opportunity. It is the cost of opportunity for growth that you lost over the 3 years you needed just for your account to get back to the value is was before your account lost the 25%. 401K's are actually less expensive than pensions and was a great way for companies to boost profits. That is a clear indication that companies are more worried about profits that its work force.

The question you have to ask yourself is how long do you want to play this game, a game you can not win. Any money you have in a retirement account is there because you put the money there. Honestly, you'd be just as well off if you took your money and saved into an account at the bank.

But the real eye opener should be this: you have no idea how long you will live in retirement so how do you know how much to save. Plus you will be taxed at the 50% level. Even if you are able to have 2 or 3 million saved in 30 years, 2 or 3 million in 30 years will be like trying to live for 20 years off of $100,000. 2 to 3 million dollars in 30 won't have the purchasing power it has today. And you best hope you can find a way to stay healthy and out of a nursing home.

Good luck.................
 




dcda410 said:
What I recently learned and think most people are missing is that when your account value goes down say 25% and then it goes back up 25% over say a 3 year period, that you have lost 3 years of opportunity. It is the cost of opportunity for growth that you lost over the 3 years you needed just for your account to get back to the value is was before your account lost the 25%. 401K's are actually less expensive than pensions and was a great way for companies to boost profits. That is a clear indication that companies are more worried about profits that its work force.

The question you have to ask yourself is how long do you want to play this game, a game you can not win. Any money you have in a retirement account is there because you put the money there. Honestly, you'd be just as well off if you took your money and saved into an account at the bank.

But the real eye opener should be this: you have no idea how long you will live in retirement so how do you know how much to save. Plus you will be taxed at the 50% level. Even if you are able to have 2 or 3 million saved in 30 years, 2 or 3 million in 30 years will be like trying to live for 20 years off of $100,000. 2 to 3 million dollars in 30 won't have the purchasing power it has today. And you best hope you can find a way to stay healthy and out of a nursing home.

Good luck.................
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You are an absolute idiot.
 




dcda410 said:
What I recently learned and think most people are missing is that when your account value goes down say 25% and then it goes back up 25% over say a 3 year period, that you have lost 3 years of opportunity. It is the cost of opportunity for growth that you lost over the 3 years you needed just for your account to get back to the value is was before your account lost the 25%. 401K's are actually less expensive than pensions and was a great way for companies to boost profits. That is a clear indication that companies are more worried about profits that its work force.

The question you have to ask yourself is how long do you want to play this game, a game you can not win. Any money you have in a retirement account is there because you put the money there. Honestly, you'd be just as well off if you took your money and saved into an account at the bank.

But the real eye opener should be this: you have no idea how long you will live in retirement so how do you know how much to save. Plus you will be taxed at the 50% level. Even if you are able to have 2 or 3 million saved in 30 years, 2 or 3 million in 30 years will be like trying to live for 20 years off of $100,000. 2 to 3 million dollars in 30 won't have the purchasing power it has today. And you best hope you can find a way to stay healthy and out of a nursing home.

Good luck.
You are right! You should stop saving, and start occupying the Wall Street. Obama will take care of you with "free" money, free birth contrl pills, and especially free anti-depressant pills that you will definitely need.
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