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In reply to the discussion: 401(k)s are a sham: Duped by a DIY retirement dream, elderly face staggeringly low living standards [View all]Nay
(12,051 posts)60. The points you state here are exactly why 401ks should never have
been pushed on the public as a retirement plan.
Those who touted 401ks for the masses knew just what they were doing -- separating the sheep from even more of their money. That is why the 401k was introduced; it wasn't to "help" the public retire in comfort.
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401(k)s are a sham: Duped by a DIY retirement dream, elderly face staggeringly low living standards [View all]
NewDeal_Dem
Dec 2014
OP
As people near retirement or enter it, they are likelier and likelier to suffer catastropic
merrily
Dec 2014
#175
The 401k plan almost definitely igave him choices of where to invest. If he lost 2/3
HERVEPA
Dec 2014
#19
A lot of companies only offered their stock in the 401k. I think Enron was like that.
LiberalArkie
Dec 2014
#61
Yep, the game is rigged and "full disclosure" is not always what it's cracked up to be.
merrily
Dec 2014
#130
At interest rates for the last 6 years, putting $ in the bank is about like putting $ in a mattress.
merrily
Dec 2014
#131
Imagine what they would do to Bush's "individual accounts social security".
Enthusiast
Dec 2014
#160
here is a link....I don't think the ruling applies to trustee-to-trustee transfers
antigop
Dec 2014
#4
What's the same? The trustee to trustee transfer is verydifferent from the rollover where you take
progree
Dec 2014
#106
While I do not doubt for one second you are sincere in your convictions.....
A HERETIC I AM
Dec 2014
#15
Too many people do not understand basic principles of investing, nor do they understand the
still_one
Dec 2014
#16
First you start with 401Ks, then you take about IRA rollovers. The only way you can make a rollover
still_one
Dec 2014
#14
Top 5% owns about 2/3 of stock. Maybe owning that much gives some a better cushion
NewDeal_Dem
Dec 2014
#34
I said the top 5% owns 2/3 of all stock. The information from Pew is saying something different.
NewDeal_Dem
Dec 2014
#183
I didn't not contradict you or say you were wrong. All I was pointing out is that about 60% of
still_one
Dec 2014
#184
401K is the article, IRAs is my personal question. I don't have a 401K, thus I have no
NewDeal_Dem
Dec 2014
#33
Your confusion may be a perfectly understandable misunderstanding re: "rollover"
FBaggins
Dec 2014
#66
"You're thinking of a CD that "rolls over" into a new CD of the same maturity at the end of the term
NewDeal_Dem
Dec 2014
#87
Yes; I know I'm losing money to inflation but I don't know what else to put it in that's
NewDeal_Dem
Dec 2014
#119
food for thought, you may want to investigate I-Bonds. Now may not be the best time, and
still_one
Dec 2014
#181
Your complaint is legitimate, but you are being punished for one couple gaming it, and the IRS ruled
still_one
Dec 2014
#70
And I gave you the reason why the IRS didn't allow it, because of that case were they gamed it. I
still_one
Dec 2014
#101
You have 60 days if you take the money out of the employers 401k to put it into an IRA
HERVEPA
Dec 2014
#179
That isn't the point. The point you are making is people cannot afford to save for retirement
still_one
Dec 2014
#78
The government has been deeply involved already -- in destroying traditional pensions,
NewDeal_Dem
Dec 2014
#88
even before iras and 401ks there were a hell of a lot of people who did not have
still_one
Dec 2014
#99
That report has a lot of information to digest, and will take me some time to go through.
still_one
Dec 2014
#139
52k is without context. How many people per household, geographical area, and age group. a single
still_one
Dec 2014
#100
Real wages have been about stagnant for 50 years. That is far from so re: the real income of the 1%.
merrily
Dec 2014
#133
you understand that half the population has no pension, no stocks, no 401k, right?
NewDeal_Dem
Dec 2014
#46
Out of every dollar of profit made in the USA, 49 cents now goes to the Bankers & Big Money people
truedelphi
Dec 2014
#35
I was ripped off twice early on and I asked for a 401K, I was their pension specialist.
hollysmom
Dec 2014
#39
So companies should promise benefits to their own employees, and the taxpayers
hughee99
Dec 2014
#152
401ks ONLY help keeping the wall street casino alive AFTER the baby boomers leave.
pansypoo53219
Dec 2014
#80
the responses on retirement threads here on DU depress me. I think I'm going to add
liberal_at_heart
Dec 2014
#94
Does Elizabeth Warren recommend we don't invest? Put it under a mattress? Or stick to CD's?
progree
Dec 2014
#109
I have a 401K, a Roth IRA, own a bond and stock index funds, have savings, and physical precious
Yavin4
Dec 2014
#98
And then there are pensions, which apparently can be crushed in one fell swoop...
Matariki
Dec 2014
#105
Where I worked often most of the funds were sh** funds. The CEOs seemed to have a cozy relationship
RKP5637
Dec 2014
#107
If you have access to a 401k and an employee match you should absolutely take advantage of the match
Godhumor
Dec 2014
#112
It is not essentially free funds. Stop working and see if you still have a job and the "free funds".
Skeeter Barnes
Dec 2014
#143
A 401k was never designed to be all of your retirement. They were created to supplement pensions.
Skeeter Barnes
Dec 2014
#140
The greatest imperative related to this issue is the need to protect Social Security benefits ...
dawg
Dec 2014
#142
When I first got a 401k I went to the most financially savvy person I knew
Sen. Walter Sobchak
Dec 2014
#168
Whenever got into a new 401K I would take the different investment options to my financial adviser
B Calm
Dec 2014
#170
Only means when your employer goes belly up, you might still have something
One_Life_To_Give
Dec 2014
#178