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"Americans collectively are losing billions of dollars a year out of their retirement accounts because they're paying excessive fees, according to researchers studying thousands of employer-sponsored retirement plans across the country.
The rearchers say part of the trouble is that many employers that offer 401(k) plans to their workers are outgunned by financial firms that sell them bad plans loaded with hefty fees. That's especially true, they say, for small and mid-size employers that don't have much financial expertise in-house.
At a manufacturing firm in Minnesota, Justin Johnson, a new employee, is enrolling in the 401(k) plan. He's got two kids, and…"
This could have political ramifications since it's Republicans who are trying to take away government support like Social Security. I wonder why. Well, for one it would give private investment companies, who are probably funding Republicans to push their agenda in Washington, a virtual monopoly on retirement options and planning other than stuffing your money in your mattress. So, of course, wouldn't they like to see social security disappear.
Even the worst managed 401(k) is more solid than social security. If you wanted to compare the two, 401(k) managers would have to spend all YOUR money on their houses, pools and airplanes, leaving you nothing. Then continue the ponzi scheme by stealing money from other investors to pay when it's your turn to withdraw YOUR money. Oh, and then make the claim that it's your fault for being greedy and telling you you don't need it anyway.
you start with a good point that 401ks can and do have excessive fees then you turn that into "those nasty republicans are trying to take away your Social Secruity!"
which is a stinking lie. Its a lie and you should stop spreading lies. No Republican is trying to take SS away.
the facts on SS are clear. Democrats have used it as a political baseball bat to beat the American people into submission. SS is now in the position that its about to run out of money because DEMOCRATS would never allow it to be reformed in meaningful ways that would make it a good thing for elderly people.
All Social Security does is secure POVERTY for those who rely on it. And THAT is the fault of the democrat party.
Well no one is forced to participate in a 401k , so if you think the fees for the services provided are too high, just move along.
Social insecurity on the other hand is an insolvent and unsustainable govt run scheme that you must pay into or else.
The o.p. really has no argument.
This could have political ramifications since it's Republicans who are trying to take away government support like Social Security. I wonder why. Well, for one it would give private investment companies, who are probably funding Republicans to push their agenda in Washington, a virtual monopoly on retirement options and planning other than stuffing your money in your mattress. So, of course, wouldn't they like to see social security disappear.
George W. Bush's first order of business after being reelected in 2004 was trying to privatize Social Security. For once, his supporters did something right and disagreed. Had the neoconservatives had their way, Social Security would have gone down in flames in 2008.
These vultures are very dangerous, and their plans to privatize things reminds me of the "pharma bro", who changed the price of medication from $13.00 a pill to $750.00 a pill.
George W. Bush's first order of business after being reelected in 2004 was trying to privatize Social Security. For once, his supporters did something right and disagreed. Had the neoconservatives had their way, Social Security would have gone down in flames in 2008.
These vultures are very dangerous, and their plans to privatize things reminds me of the "pharma bro", who changed the price of medication from $13.00 a pill to $750.00 a pill.
Social Security is going to go down in flames, it's going to happen after the Boomers suck it dry. That means that Gen X is going to pay into SS their whole lives, just to see benefits dramatically cut, and eligibility push back to 70-75 years old.
George W. Bush's first order of business after being reelected in 2004 was trying to privatize Social Security. For once, his supporters did something right and disagreed. Had the neoconservatives had their way, Social Security would have gone down in flames in 2008.
These vultures are very dangerous, and their plans to privatize things reminds me of the "pharma bro", who changed the price of medication from $13.00 a pill to $750.00 a pill.
Since most 401(k) plans have more than doubled in value just since 2008, privatizing SS would have been a bad thing how? Just how much has the Social Security trust fund grown in that time? Oh wait...there ISN'T ONE. Every excess dollar is being dumped in the general fund and spend as fast as it comes in...and replaced with IOUs that we have no idea how to repay. SS is the biggest, most criminal Ponzi scheme ever fostered on the American people. And it didn't have to be that way. Unfortunately criminals in congress voted to allow them to spend OUR money. If employees at a private firm did this, they would be in prison. Instead, we get to pay their retirement.
"Americans collectively are losing billions of dollars a year out of their retirement accounts because they're paying excessive fees, according to researchers studying thousands of employer-sponsored retirement plans across the country.
The rearchers say part of the trouble is that many employers that offer 401(k) plans to their workers are outgunned by financial firms that sell them bad plans loaded with hefty fees. That's especially true, they say, for small and mid-size employers that don't have much financial expertise in-house.
At a manufacturing firm in Minnesota, Justin Johnson, a new employee, is enrolling in the 401(k) plan. He's got two kids, and…"
This could have political ramifications since it's Republicans who are trying to take away government support like Social Security. I wonder why. Well, for one it would give private investment companies, who are probably funding Republicans to push their agenda in Washington, a virtual monopoly on retirement options and planning other than stuffing your money in your mattress. So, of course, wouldn't they like to see social security disappear.
401K is a gold mine for the bankers, which is why they worked hard to push it through back in the day. UK experimented with other kind of private accounts, and it turned out more than 50% of people's profits ended up in the pockets of the bankers. When I went independent, the banks started calling right away to talk me into moving out of the corporate administered 401K, and go solo. Don't do it! When you do, they will no longer be required to send you statements on the fees, and if you ask them how much you pay them, they will flat out refuse to tell you. Why? Because if you knew, you'd probably do something else with your money.
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