General Discussion

Swede Atlanta

(3,596 posts)

57. The article is full of inaccuracies....

Thu Aug 8, 2013, 10:27 PM

Aug 2013

It is not the idea of a 401K plan that creates the issues described in the article...it is the uncertainty of the market.

Yes, a 401K can milk the participants in the form of fees and other charges...scum bags out to milk the future of someday seniors.

But investing in a 401K, especially one that provides a broad range of investment options, is not a bad idea.

It gives tax-deferred status to the investments and often these programs drag along companies that have no defined benefit plan.

I would not favor bashing 401K plans universally. The plans vary and of course participants need to understand they are investing in a portfolio of securities, bonds, etc. and that those are volatile and not guaranteed.

imagine if we had SS as open securities investment. We would see mass starvation in this country.

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401(K)s Are A Sham - Salon [View all] WillyT Aug 2013 OP

A Million bucks and 30 years of retirement Bennyboy Aug 2013 #1

At age 66, a million bucks will buy a $70K annuity Major Nikon Aug 2013 #14

How about one $130,000 hospital bill that's not quite covered by insurance? jtuck004 Aug 2013 #23

One of my friends is a tax accountant and he says that annuities are a very, very bad investment. avaistheone1 Aug 2013 #28

Having lived mostly in this country for most of 60 years, about the jtuck004 Aug 2013 #33

I wouldn't say that Major Nikon Aug 2013 #35

Many are very fee heavy maui902 Aug 2013 #54

That's what Medicare supplemental catastrophic plans are for Major Nikon Aug 2013 #34

The government insures the return? If the underlying assets go to crap? jtuck004 Aug 2013 #38

Every state has a guarantee association (SGA) which insures qualified annuities Major Nikon Aug 2013 #40

So if the company fails, there is no federal guarantee, but I could depend on the State of Texas? jtuck004 Aug 2013 #41

No state SGA would ever be allowed to fail Major Nikon Aug 2013 #42

Sounds like a sales pitch. Good luck. n/t jtuck004 Aug 2013 #43

Except for this part... Major Nikon Aug 2013 #44

AIG. Remember them? Texas company, thousands of annuities and life insurnace holders screwed jtuck004 Aug 2013 #46

Not even one policy holder was screwed and none were ever at risk at any time Major Nikon Aug 2013 #49

The fucking insurance commissioner was about to place them in receivership, unless you want to jtuck004 Aug 2013 #50

I have done quite well with my 401k. But I still have a Defined Benefit Pension for most of my doc03 Aug 2013 #2

me too... spanone Aug 2013 #3

My 401k (now IRA) would give me about 60% of my DB pension doc03 Aug 2013 #8

My parents have 401Ks and have also done very well. Incitatus Aug 2013 #56

The New Low Wage Part Time Economy By The GOP Won't Fund LIfe Let Alone A 401K TheMastersNemesis Aug 2013 #4

I shook my head zipplewrath Aug 2013 #5

If you have a Defined Benifit Pension Plan it is insured doc03 Aug 2013 #6

For 40 cents on the dollar zipplewrath Aug 2013 #7

You must have one hellofa pension the maximum benifit is like doc03 Aug 2013 #10

Health care zipplewrath Aug 2013 #12

Umm, we didn't "give it up easily" MindPilot Aug 2013 #17

Yeah, it was a broad brush zipplewrath Aug 2013 #19

Combined with stagnated wages, rising expenses and an anemic stock market failure is assured. geckosfeet Aug 2013 #9

401(k): peace of mind for people who don't understand math Recursion Aug 2013 #11

All at once? zipplewrath Aug 2013 #13

One way or another, we have to transfer $2.5 trillion from workers to retirees over the next 20 yrs Recursion Aug 2013 #15

Where do you think pension funds put their money? philosslayer Aug 2013 #36

They're almost as bad. SS is the only sensible way to do it Recursion Aug 2013 #39

Just a shell game to fund the wallstreet gamblers with money so they could play with it SoCalDem Aug 2013 #16

Mine are doing nicely, thank you brooklynite Aug 2013 #18

uh....what choice? jeff47 Aug 2013 #27

401K works for me thetonka Aug 2013 #20

"trust our government to provide for you"?! MindPilot Aug 2013 #21

I've been paying into SS since 1969 KansDem Aug 2013 #31

I interpreted thetonka's post as a piece of advice maui902 Aug 2013 #55

Exactly thetonka Aug 2013 #61

There's a reason this is finally being reported openly. mn9driver Aug 2013 #22

Stumbled upon tax liens recently, as an investment tool. toby jo Aug 2013 #24

K&R abelenkpe Aug 2013 #25

In the days of Retirement with 50yrs seniority, that is true One_Life_To_Give Aug 2013 #26

Kicking for later! arcane1 Aug 2013 #29

Yes, let's give all our money to Wall Street for safekeeping. tinrobot Aug 2013 #30

Thanks for posting! This is another reason I hate Snowden SleeplessinSoCal Aug 2013 #32

Trickle down economics destroyed American pensions. Rex Aug 2013 #37

For some strange reason, onethatcares Aug 2013 #45

They get ya coming in and going out. Rex Aug 2013 #47

Me too. Enthusiast Aug 2013 #59

That's why I prefer the ROTH Fla_Democrat Aug 2013 #48

I was saying that over 30 years ago they were junk duffyduff Aug 2013 #51

A pension that lasts as long as a person lives is FAR, FAR better duffyduff Aug 2013 #52

kr HiPointDem Aug 2013 #53

The article is full of inaccuracies.... Swede Atlanta Aug 2013 #57

Here's how they all suck. jeff47 Aug 2013 #58

There are several problems with 401ks. DCBob Aug 2013 #60

K&R cprise Aug 2013 #62