401k Plan might be a Bigger PONZI Scheme than Social Security. 401k Bubble will BURST.

[JT-Money]

U.S. Debt Clock - Worldometer

What is the United States of America National Debt right now? Live clock showing the US Government debt changing in real time

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What is the current U.S. National Debt amount?​

The current U.S. debt is $23.3 trillions as of February 2020.

 

[Stuntone]

You have to at least accept that 60 Million people aren't getting all of their money.

 

[50CentStan]

The upside is you can try and manipulate taxes in the future when you withdraw. Another thing is the company match should make up for the fees and other shyt

 

[east]

This is absurd thinking right here and political suicide for any body of government that would even entertain this. Have you even thought this through?

this already happened at the hands of the worst president in history and he got no blowback

How the US government seized all citizens' gold in 1930s

You’ve heard of compulsory purchase orders for houses, but few realise it has sometimes happened with the world’s favourite precious metal.

theconversation.com

 

[Tribal Outkast]

Put the money under your mattress like the old days

 

[chineebai]

Precious metals always a good hold.

 

[rbksNgirbauds]

Man I don't trust none of that corporate shyt. Not bank accounts, not 401k , none of that shyt. Barely trust cash, knowing it ain't backed by shyt but a good word and faith in it.

I just wanna hoard a bunch of gold one day tbh

 

[Prodyson]

Yeah, many if not most people don’t pay attention to the fees being taken out of their defined contribution plans. They don’t directly see that being taken out of their paycheck and they don’t pay attention to the monthly statements sent to them. Of course if people paid more attention they can see different ways to invest their money.

Except, if you have a company match, that is likely covering more than the fees anyway. Sure you could invest your money elsewhere and save on fees but then you’d also be missing out on thousands of dollar per year given to you by your company.

 

[Prodyson]

In the case of traditional IRAs, you are investing thousands of dollars tax free. If there wasn’t a penalty to withdraw money early, people could avoid paying taxes by simply contributing money and then withdrawing from your 401k.

If you have a Roth IRA, the money you contributed (not the growth) is with after tax dollars so you can withdraw with little issue.

The government is going to get their money, either way.

Not to mention, with a Roth IRA you can withdraw your contributions early, you just can’t withdraw your gains before the maturity date, so to speak.

We shifted half of our emergency fund to a Roth IRA for that reason

 

[desjardins]

The only place where fees are an issue are the robinhood type sites
Otherwise you get a prospectus every year telling you exactly how much you are paying , plus there are buco low or even zero fee indexes out there

In terms of the risk, you get free matching money from your employer most times. It's a fraction of my money anyway AND pretax with tax saving implications. It's real incentives to do a 401K even outside of making money

(if the market doesn’t go back up, we are ALL fukked)

my mentality. if my 401k is fukked in 30 yrs we probably have way bigger problems to worry about in the real world. if shyt that bad I probably will already had to cash out early

 

[Stuntone]

You know what's crazy about it.


You invest 20 to 40 years into this fund. In 40 of saving yourself, you'd probably end up with nearly the same amount.


Massive penalities if you withdrawl YOUR money early.

The whole while, you account grows and falls, while they're collecting their hiddens fees and gambling with your money


You finally reach 65 and they start spoon feeding you YOUR money that's if it's still there. Hopefully you live to 75 to enjoy 10 years of your money.

 

[JT-Money]

A brief history of the 401(k), which changed how Americans retire

The forefathers of the retirement revolution aren't thrilled about how things turned out.

www.cnbc.com

"[Many early backers of the 401(k)] say it wasn't designed to be a primary retirement tool and acknowledge they used forecasts that were too optimistic to sell the plan in its early days," The Wall Street Journal reports. "Others say the proliferation of 401(k) plans has exposed workers to big drops in the stock market and high fees from Wall Street money managers."

Even the "father of the 401(k)," Ted Benna, tells The Journal with some regret that he "helped open the door for Wall Street to make even more money than they were already making."

 

[Stuntone]

A brief history of the 401(k), which changed how Americans retire

The forefathers of the retirement revolution aren't thrilled about how things turned out.

www.cnbc.com

"[Many early backers of the 401(k)] say it wasn't designed to be a primary retirement tool and acknowledge they used forecasts that were too optimistic to sell the plan in its early days," The Wall Street Journal reports. "Others say the proliferation of 401(k) plans has exposed workers to big drops in the stock market and high fees from Wall Street money managers."

Even the "father of the 401(k)," Ted Benna, tells The Journal with some regret that he "helped open the door for Wall Street to make even more money than they were already making."

It's really a brilliant tool but sad at the same time. 60 million people have blindly signed up for this plan and but they entire retirement in the hands of some of the crookedest, greediest, shadiest men in the history of humanity.


They know damn well they aint paying out 7 Trillion dollars.

 

[Conan]

I have interacted with some of the dumbest nikkas ever to walk the earth on this site.

 

[Stuntone]

There's 20+ Trillion dollars in retirement accounts in America. And we're relying on the crookedest, greediest, shadiest men in the history of humanity to pay it out.