401Ks are a disaster: Column

[smccarter]

116. Social Security yes. But the retirement buck stops at your own doorstep.

For the past 30 years, labor union influence has been diminishing. As a result, many of the benefits that we all (those working in union and non-union shops) have received as a result of the labor unions work, have been diminishing. Like pension funds, sick and vacation time, holiday pay, overtime pay, competitive wages, etc....

Any fool could see what was happening and should have the mental capacity to make the necessary personal financial adjustments to prepare for the future... ie saving, sacrificing, planning, etc... Instead, Americans are spending way more than they earn - racking up debt as if there was no concern for consequence. Credit card debt, student loans, mortgage re-finance, and on and on... spend spend spend. And saving nothing for retirement, let alone any other future need.

Social programs were designed to help people get through tough times and to supplement savings, investments, pensions, etc... after retirement. These programs need to be left alone, but they won't be enough. If the company you work for doesn't provide a pension (which nearly none does), get off the stick and make the necessary preparations that will allow you to retire some day. If not, you'll be working until the day you die.

It's a hard cold fact, and one that I wish would change. But as long as we keep spending our dollars for goods provided to us by corporations, it will never change. As long as they are in control, nobody will be looking out for you .. but YOU.

The reason that companies hate the affordable health care act is because the government is forcing them to re-instate health care benefits. They worked hard not to have to provide that benefit to their employees and are now being forced to. So they're crying bloody murder. I'd really like to see legislation passed to force companies to fund pension plans. That would be a hoot. But until something like that happens (it won't), save your pennies for the future, or you'll be a very tired old person someday.