Pension Theft: Class War Goes to the Next Stage - Dean Baker

[TBF]

53. I can understand that and hope

you and your wife retain your funds. Not only fees, but you also lose money as you take it out (better to pay the taxes now while they're likely lower and cut back now than hope for lower taxes later), and most people investing in 401K really aren't very knowledgeable about what they are doing. It is more a revenue stream (the fees) for the brokerage houses than anything else. As for you personally and anyone else I know that we've all grown up with this system and done our best on an individual level.

That said, my argument is more with the economic system we have in this country overall and 401K is just a piece of it. Systemically I view the entire thing (capitalism as a system and those who maintain it - Wall Street) as operating one big Ponzi scheme.

If we can't come up with a way to completely rid ourselves of it, however, I'd at least like to see it highly regulated and taxed (as we had from roughly 1930-80) so that those on the bottom have a fighting chance. Right now what I see is a few at the top getting very wealthy at the expense of so many others.