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• More than half (52 percent) say they don’t have the time, interest or knowledge to manage their 401(k) portfolio properly. • Nearly three-quarters (73 percent) spend less than eight hours per year managing their 401(k) plan account. • Many (56 percent) do not review plan-related education materials they receive. • Nearly one-third don’t know that they pay fees for their 401(k) plan. Of the 70 percent that understand they pay some sort of fees, 95 percent don’t know about investment fund operating expenses and 67 percent don’t know about plan administration fees. • [A significant majority (83 percent) say they are interested in receiving professional investment management from their employer. However, this interest does not translate into action; Schwab data shows just one in 10 participants takes advantage of 401(k) investment management advice when it is offered.
Your post sums it up well. So few take a few moments to try and control their destiny, their fate. They prefer to leave it up to others, worse still politicians. Politicians are professional liars by any other name. People trust their future to such scum???
The answer is simple as to why. People like to have someone else to blame. people want someone else to make the hard decisions for them.
LOL I thought the same thing.
No option of doing a little of your own research? Option hiring an investment advisor? Option putting money into CD's? Option investing in your own future?
I guess that's not news, but it's a shame that our medical system is set up to just allow the poorer folks die
I think this was an unfair comment in an otherwise well balanced post. It's not as simple as you make it out to be. Most of the poor people in the US live unhealthy lifestyles as well. We are finding out that all the drugs and medical treatments in the world can't make up for unhealthy lifestyles.
Isn't it ironic that the generation that had it easier than any other generation in this nation's history, has nothing to show for it at the end. Sad....
The end of the steel industry and manufacturing in the US.
Outsourcing jobs.
Oh yeah, trickle down.
The banking debacle.
The housing bubble.
The IT bubble.
The S&L destruction and bail-outs on our backs.
I don't know what cloud you're living on, but it's pretty far from reality.
As far as corporations not teaching their employees about finance, all that is really required is some third grade math. Income $80,000 a year -- and then income $0 a year (unless you will be in the group that will still be given social security, then add that to the $0). And it's not difficult to do the math, if you have to come up with property tax, payments for your RV and other travel costs, food, gas, utilities.
Eh, I think that comment is a little unfair. A lot of people really don't know the difference between a stock and a bond, etc. They are more educated about how to buy a car or a computer than they are in basic investments (because they watch too much TV). Basic financial education in the schools could help with this a lot. Most people really do not understand the power of compounding unless they are taught.
Did I say "everyone can"? No. Not everyone, but almost all able bodied adults can acquire the skills needed. But nice try at changing my words.
You really like to twist words, don't you. Nobody said "everyone has the same abilities and skills" nor did I even imply that they do. For example, you have an exceptional skill at twisting words that people post and developing faulty associations. Only a fool would say "everyone has the same abilities and skills." Is that what you are saying?
Nice try, but I'll stick with my original post.
Almost everyone in America can save for retirement by living within their means. Sounds like we've struck a raw nerve on this topic... you must be one of those people who spends more than they make and expects the Nanny State to take care of you.
Yes you did imply that in your posts.
Oh, you can do it so what's their problem?
It's both condescending and incorrect.
I could retire today if I like. I have always saved but I'm very aware that I'm in the minority.
I chose not to breed and have minimal wants.
Didn't bother reading my posts, eh?
Just knee jerk when called on your holier than thou attitude.
Eh, I think that comment is a little unfair. A lot of people really don't know the difference between a stock and a bond, etc. They are more educated about how to buy a car or a computer than they are in basic investments (because they watch too much TV). Basic financial education in the schools could help with this a lot. Most people really do not understand the power of compounding unless they are taught.
The truth is that the financial markets are a pretty big scam that largely benefits insiders.
I have my money in a 401K only because of my employer match and the tax benefit.
Just take a look at all the fees you are getting soaked for to pay some clown with a BMW to simply manage the fund...when most of them perform below the basic index in their classes. You have to pay a managment fee for that "expertise"?
The end of the steel industry and manufacturing in the US.
Outsourcing jobs.
Oh yeah, trickle down.
The banking debacle.
The housing bubble.
The IT bubble.
The S&L destruction and bail-outs on our backs.
I don't know what cloud you're living on, but it's pretty far from reality.
High interest on savings accounts
Unmatched job security
No multicultural bs (they were responsible for that suicidal move)
Dirt cheap housing
What do you have to show for it? The greatest generation handed you everything on a silver platter and you f'ed it up. You were too bust smoking weed and being a hippy. You had the cheapest housing ever with the greatest price appreciation. You had pensions. Abundant, well paying jobs many not requiring college. And now the boomers collectively as a whole have nothing to show for it.
Yes you did imply that in your posts.
Oh, you can do it so what's their problem?
It's both condescending and incorrect.
I could retire today if I like. I have always saved but I'm very aware that I'm in the minority.
I chose not to breed and have minimal wants.
Didn't bother reading my posts, eh?
Just knee jerk when called on your holier than thou attitude.
But see Chiel that is the point. You took control of your life. You chose to control your future at least to the extent that you could. I did the same. I like you understand that there is more to a quality of life than wide screen TV's or video games. We took control of our futures.
Most people sit around complaining while taking no active role. To live that way is unthinkable to me.
I bought gold when it was $500 an ounce. How did I do this? Because I didn't wait until I was 49 to start worrying about retirement. I started saving when I was dirt poor. One thing I learned from growing up on a small farm is to to it myself. We couldnt afford mechanics, painters, fence builders, or carpenders. I learned that no one cared if I lived or died. I had to do that myself.
Independence and freedom go hand in hand. It amazes me how many choose to be slave to a government.
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