General Discussion

GummyBearz

(2,931 posts)

38. Every 401k I have had

Wed May 20, 2015, 10:44 AM

May 2015

has given the employee the option of taking their 401k money into a schwab/ameritrade/whatever account where they can choose to invest in individual companies, buy mutual funds, bonds, or whatever they want. You do have to take the initiative, get the paperwork from HR, and then be a responsible investor with your retirement money.

The bottom line is this: if you are afraid this tax will get passed on to you by the people who manage your 401k, then get out. I got out of it years ago just because of management fee's (which are often way more than a .5% tax).

Invest in solid companies that aren't going anywhere and whose products you buy. Your personal 100 shares of starbucks wont be skimmed by money managers and wont get touched by new wall st. taxes.

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Bernie validated my faith in him with the Robin Hood Tax [View all] Bonobo May 2015 OP

Bernie had me at I'm running for President. Well actually before Autumn May 2015 #1

I'm for it too, but it has been proposed by a number of people. Hoyt May 2015 #2

And in a number of countries. It is a great idea. pampango May 2015 #30

Bill Nighy explains the 'Robin Hood Tax' FailureToCommunicate May 2015 #107

It's brilliant! NYC_SKP May 2015 #3

think of it as a partial refund of the $$ wall street cheated us all out of w/govt help nt msongs May 2015 #4

That is precisely how I think of it. Bonobo May 2015 #5

Corporations and Wall St Unknown Beatle May 2015 #7

That's exactly how I think of it. Hopefully derivatives will be banned once we get a sabrina 1 May 2015 #33

K&R deutsey May 2015 #6

Wall Street was supposed to set aside a fund to bail their own asses out.... Spitfire of ATJ May 2015 #8

They did. They set aside the funds in off-shore non-traceable banks. erronis May 2015 #78

Kick nt Logical May 2015 #9

Okay, so does it include retirees' 401k's? blue neen May 2015 #10

Honest answer is I am not sure. Bonobo May 2015 #11

With some companies, you don't have a choice where the money is invested. blue neen May 2015 #22

Every 401k I have had GummyBearz May 2015 #38

The company my husband worked for had it set up as I described, blue neen May 2015 #47

I'm much younger GummyBearz May 2015 #52

401Ks should NOT be invested in the stock market. I have been told here that sabrina 1 May 2015 #32

Blashpemy! The stock market (and traders) are your friend! Also don't forget to put your SS in stock erronis May 2015 #79

Lol, I just saw a documentary on one of the Wall St Ponzi schemes perpetrated by sabrina 1 May 2015 #80

But, 99% of them are invested in stocks, as are many retirement pensions leftofcool May 2015 #34

Index funds are the least risky and the best long term investment. Bernie isn't talking about those. L0oniX May 2015 #44

This may be informative Fla_Democrat May 2015 #108

yes uponit7771 May 2015 #12

If that's the case, blue neen May 2015 #23

Bernie vs. the Banksters Jack Rabbit May 2015 #13

More like Bernie versus your 401k MaggieD May 2015 #16

And that scares the shit out of me. leftofcool May 2015 #35

Right. Bernie will take all your 401k. Hyperbole much? L0oniX May 2015 #41

It is hyperbole kenfrequed May 2015 #77

Don't worry it has a snowball's chance in hell of passing OKNancy May 2015 #99

Where's your proof that Bernie is talking exactly about your 401k? L0oniX May 2015 #40

Read his plan MaggieD May 2015 #42

Got nothing like I figured. Read the OP for a real change. L0oniX May 2015 #45

The OP does not contain his plan MaggieD May 2015 #88

I read it, and today, thousands of young people all over the internet have read it also sabrina 1 May 2015 #100

I object to having my 401K taxed MaggieD May 2015 #101

That's the talking point I mentioned. Now, try to stick to the facts. What about taxing the rich sabrina 1 May 2015 #102

I object to having my 401K taxed MaggieD May 2015 #103

Keep trying, so far I don't see you having much success with that. Btw, what is Hillary's sabrina 1 May 2015 #86

You'd know if you were paying attention MaggieD May 2015 #87

So, what did she accomplish, wasn't she a Senator also? Did she introduce any legislation, try to sabrina 1 May 2015 #90

So you're telling me you have no idea what she proposed or passed MaggieD May 2015 #91

It actually would have other benefits kenfrequed May 2015 #14

Doesn't it do the opposite? metalbot May 2015 #19

It adds up kenfrequed May 2015 #20

I think it's brilliant. A two fold policy, take money from the profits on what should have been sabrina 1 May 2015 #27

No to taxing 401k plans MaggieD May 2015 #15

Well ...he is pissing off all the right people. L0oniX May 2015 #17

LOL deutsey May 2015 #21

Lol, that's for sure! sabrina 1 May 2015 #25

Why would you want him to piss off the middle class? leftofcool May 2015 #37

Because the only middle class left is the banksters and Wall Street thieves. L0oniX May 2015 #39

I'm Middle Class and I Don't Fit Your Other Description ProfessorGAC May 2015 #54

Good for you. Must be nice looking down on everyone else. Most of the normal people won't be able to L0oniX May 2015 #60

What? ProfessorGAC May 2015 #61

Is he? MaggieD May 2015 #56

Feel free to lie to your employees then. Maybe threaten to fire them if they vote for Bernie. L0oniX May 2015 #62

Show me where his plan MaggieD May 2015 #64

401k's are part of "speculation"? Sounds risky but I'm sure you know what you're talking about. L0oniX May 2015 #65

READ the plan MaggieD May 2015 #66

Read the OP. L0oniX May 2015 #67

The link in the OP is not his plan MaggieD May 2015 #68

401k's are a ripoff from start to finish reddread May 2015 #48

So companies should just stop.... MaggieD May 2015 #49

do whatever you like, most employers do reddread May 2015 #51

Oh brother.... MaggieD May 2015 #53

401k's are a ripoff from start to finish reddread May 2015 #57

Uh huh MaggieD May 2015 #58

Im sure you will do whats best for you reddread May 2015 #59

Actually I do what's best for my employees MaggieD May 2015 #63

by all means give till it hurts reddread May 2015 #69

This is why the fringe left is ignored MaggieD May 2015 #70

like a 100k is a significant amount? reddread May 2015 #72

You clearly do not even know what a 401k with employer match is MaggieD May 2015 #73

right of course how sharp your perceptions reddread May 2015 #74

So what makes you an expert on them then? MaggieD May 2015 #75

Ive seen good employers reddread May 2015 #76

Sure ... Lurker Deluxe May 2015 #83

hard of reading? reddread May 2015 #89

Well ... Lurker Deluxe May 2015 #93

Don't you know your employer is evil for doing that? MaggieD May 2015 #94

You'll pardon me.... MaggieD May 2015 #95

You have employees? Oilwellian May 2015 #96

A very successful one! MaggieD May 2015 #97

I'm so glad you've given up your "I love Bernie" schtick. Absolutely no one cali May 2015 #82

dissemblers dissemble - it's their nature. delrem May 2015 #104

The positives keep piling on Bernie. 99Forever May 2015 #18

"don't worry, Hillary has a plan to make a plan" Nailed it. L0oniX May 2015 #46

It's a tax on Derivatives which should have been BANNED due to their role in the collapse of sabrina 1 May 2015 #24

B-but it's like offering ice cream... Bonobo May 2015 #29

I like Ice Cream! Lol! Better than the bitter pills we've been offered for over a decade now. sabrina 1 May 2015 #36

I see you haven't read it MaggieD May 2015 #43

I see you're not a very effective online mind reader! Lol! sabrina 1 May 2015 #85

R&K! Wall street money manipulators shouldn't be the only ones profiting from their games! /nt RiverLover May 2015 #26

He rocks! Going on Reddit AMA (ask me anything) & actually answering questions? Wow. peacebird May 2015 #28

B, but "he sounds like every other Dem" Bonobo May 2015 #31

Because it's more fun.... MaggieD May 2015 #50

That's Hillary's gig, pretending to be a populist. With Bernie, what you see is what you get. peacebird May 2015 #71

sez the supporter of a candidate who is a champion panderer- from cali May 2015 #84

The Republican controlled House and Senate will never let it out of committee. Agnosticsherbet May 2015 #55

K&R! Omaha Steve May 2015 #81

I'm against a tax on retirement funds and employee retirement pools... Sancho May 2015 #92

The name seems strange BainsBane May 2015 #98

A lot less radical than my tax proposals... hunter May 2015 #105

Call it the Wall Street Sales Tax, not Robin Hood Lagom May 2015 #106