|
|
| naz...democrats plans to seize 401k assets (382474) | |||
 |
|||
| Home > OTChat | |||
|
[ Read Responses | Post a New Response | Return to the Index ] |
|
||
|
naz...democrats plans to seize 401k assets |
|
|
Posted by Orange Blossom Special on Sun Nov 9 01:12:15 2008 and you wonder why the market is crashing. And I heard this lady in an interview, she's a grade a moron.You put more money into social security, and you get less for it. Add to the list of things Barack Obama must do after he becomes president on Jan. 20: Fix the nation's retirement system and fast. And I'm not talking Social Security. That's the least of our worries. It's time for this country to fix how Americans save and invest for retirement, including IRAs but especially the 401(k), the employer-sponsored retirement plan of record for half of working Americans. Nearly 30 years after being introduced, the 401(k) has proven -- in some ways -- to be an abject failure and now would be as good a good time as any to overhaul it. Otherwise, Joe the average 401(k)/IRA investor is going to be in big trouble. [someone didn't tell this guy that the law now, recently passed by guess who, forces employers to enroll you now] The reasons are numerous, but let's start with the big ones: Americans, in general, have proven at every turn that they are incapable of making prudent decisions with their retirement plans. They don't save or invest wisely enough. In addition, they don't seem to understand the new risks of retirement, or how to mitigate, insure or transfer those risks. "American workers lack pension security, beyond Social Security, because individual commercial retirement accounts are tied to the volatility of finance markets, are inadequately funded, have poor net-of-fees returns, and do not pay a guaranteed rate of return for the rest of a retiree's life," said Teresa Ghilarducci, a professor at The New School for Social Research and author of "When I'm Sixty-four: The Plot Against Pensions and the Plan to Save Them." Consider: The eight in 10 workers who do participate in their 401(k) plan save on average just 5.6% of their salary, according to the Profit Sharing/401(k) Council's most recent annual survey of such plans. And according to Financial Engines, 36% percent of participants in 401(k) plans that offer company stock as an investment option have more than 20% of their savings in company shares. That's a bit more than what any prudent investor might recommend. And, by the way, just half of working Americans have access to a 401(k) at work. The other half seemingly aren't setting anything aside nor are employers seemingly willing, able or eager to sponsor a retirement plan. [what about IRA's?] ---- myself: It's actually the reuters piece that talks about getting your 401k taken away and converted to a shitty 3% social security t-bill. As market watch, they focused more on numbers and details about some options instead. But neither in print are as bad as it sounded FROM HER MOUTH. That I cannot convey. In case you missed it, you are stealing money from the gov't if you have one of these plans. The gov't needs that money, you don't. There should be no tax breaks for you or companies, or company matches. And, she also says, YOU LOSE MONEY BY HAVING A 401K PERSONALLY!! The gov't can take care of you much better than if you had your own savings. Hopefully the gov't won't go broke or run the program into the ground like social security, the gov'ts "most sucessful program". |
|
|
|