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Sen. Walter Sobchak

(8,692 posts)

5. The 401k is an accident of history, burn it to the ground.

Reply to groundloop (Original post)

Thu Oct 26, 2017, 12:51 PM

Oct 2017

My father had a 401k before there even was such a thing. It wasn't a comprehensive retirement plan. It was just a perk offered in addition to his pension to encourage employees to buy stock in the company.

The first time I had a job where contributing to a 401k made sense I went to the most financially savvy person I know and asked him for advice. He just about laughed in my face and said that he didn't have the time or broad enough knowledge to properly diversify and manage his own retirement account and got his money manager to take me on as a charity case.

Everything about the 401k is completely insane. The 401k makes an airline pilot of everyone without the benefit of interest, training or experience.

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Highlight:

Paul Ryan doesn't rule out changes to 401(k) plans [View all] groundloop Oct 2017 OP

They don't have to worry about Trump not signing it. Mr.Bill Oct 2017 #1

and they know he is a liar, too Skittles Oct 2017 #29

Just goes to show ya,,,, Cryptoad Oct 2017 #2

Yesterday the Dotard said... yallerdawg Oct 2017 #3

No pensions, no Social Security, no 401k JenniferJuniper Oct 2017 #4

Then they had better get involved, no? WinkyDink Oct 2017 #10

I think it's going to impact JustAnotherGen Oct 2017 #26

Without GenX we would have no IT people JenniferJuniper Oct 2017 #27

I know - and/or JustAnotherGen Oct 2017 #28

The 401k is an accident of history, burn it to the ground. Sen. Walter Sobchak Oct 2017 #5

Thread win! LittleGirl Oct 2017 #9

IRS limits 401K contributions ($18,500 for 2018)..... doesn't that mean it's already capped groundloop Oct 2017 #6

They have been talking about capping it at $2,400 n/t n2doc Oct 2017 #7

Holy SHIT.... that would suck for anyone who hopes for a meaningful retirement groundloop Oct 2017 #14

Yeah but think of all the NEW CASH Trump and his thugs would bring in when the cap is lowered to Bengus81 Oct 2017 #20

And you're stuck with whatever mutual funds your employer chooses TexasBushwhacker Oct 2017 #22

they want to cap your cotribution to $15,000 a year..... VaBchTgerLily Oct 2017 #19

um, no Skittles Oct 2017 #30

yes yes .. loot the middle class to pay for tax cuts for the rich Le Gaucher Oct 2017 #8

And who -- outside of the 1% -- is dumb enough to support that??!?!? FiveGoodMen Oct 2017 #11

This plan also helps the lower end . Doubling the standard deduction will get it support from Le Gaucher Oct 2017 #12

It doesn't do much for them n2doc Oct 2017 #15

They don't have to sell it to anybody Mr.Bill Oct 2017 #31

Thats f***ing incredible davekriss Oct 2017 #13

Maybe the asshole should just take a gun and shoot me. hamsterjill Oct 2017 #16

Only if he can make you pay for the bullet. LudwigPastorius Oct 2017 #24

Exactly. hamsterjill Oct 2017 #25

Ryan - screw the elderly and the poor, we've cut their benefits hugely lark Oct 2017 #17

Ryan has wanted to get rid of Social Security, Medicare, BigmanPigman Oct 2017 #18

I was gonna say the same, Ryan has been preaching this bullshit for a long time..... Old Vet Oct 2017 #32

That would be so wrong & SO harmful to the middle class. Thanks, Trumpers! Honeycombe8 Oct 2017 #21

Of course he doesn't rule out eliminating deductions. LudwigPastorius Oct 2017 #23