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I just watched it. It was really upsetting to learn the truth about 401K retirement programs -- the hidden fees, all the lobbying that goes on behind the scenes. I think more and more people are starting to feel scammed and suckered.
My wife and I did and we were shocked to find out how many fees are associated with 401ks and mutual funds. Talk about being taken from every angel. Wall Street gets paid whether their customers make money or not. After all they are holding all the cards. I felt terrible for that dear woman who will do anything just to live. 60 minutes showed us the faces of ordinary Americans who worked all their lives and are on the brink of loosing everything. Pease people support the tea parties.
I just watched it. It was really upsetting to learn the truth about 401K retirement programs -- the hidden fees, all the lobbying that goes on behind the scenes. I think more and more people are starting to feel scammed and suckered.
They are stealing and raping the American public and the government could give a damm about us. They just want us to pay for their bailouts. My anger grows every day.
Yeah, I saw it. I thought the executive assistant lady, the "career gal," as she described herself will get a job offer based on her appearance on 60 Minutes. She has the dream personality employers love.
Yeah, I saw it. I thought the executive assistant lady, the "career gal," as she described herself will get a job offer based on her appearance on 60 Minutes. She has the dream personality employers love.
Sadly they see it as kiss our ass and when we are down with you we will fire you. She deserves better than that.
I saw it too and I felt like jumping into the TV set and tearing off the head of that so called 401K lobbiest. What a lying sack of sheet he is. Oh he burned me up. He said more lies in that segment then all the politicians in Washington can do in one day.
We are not going to see the full effects of this (401K loss) for a number of years. These people have 401K's rather than pensions. We are going to have a boatload of people working to supplement SS which may be the only thing they'll have left. Government programs such as food stamps and housing assistance will blow up to huge numbers.
This is bad, real bad for America. It used to be you worked 30 years and retired on your pension. Then the pensions went away to be replaced by the 401K which was touted as even better because you could make more money dabbling in the stock market. Well no one talked about the market going down, did they when they sold the American worker the 401K. Now what do these people retire on ?
The truth about 401(k) programs? Huh? It can be summed up in one sentence: A 401(k) is an account with special tax treatment. How did they spend 60 minutes on that?
There are no fees associated with a 401(k), only tax penalties if you try to extract the funds before you retire. Any fees you pay are from the company where you opened your 401(k). But the fees are disclosed, so what is the problem exactly? Is it now outrageous that a company charges a fee for a service? Huh?
And why is it wall-streets fault? You don't have to own a single stock in your 401(k). I love it how people are now blaming wall-street for their poor investment choices. If you're going to gamble with your retirement money be prepared to suffer a loss when your gamble does not pay off. Whats next, Vegas gamblers blaming the Government and Casino operators for their loss?
Quote:
Originally Posted by HappyTexan
Well no one talked about the market going down, did they when they sold the American worker the 401K. Now what do these people retire on ?
Nobody talked about market going down? Huh? There are plenty of books that discussed just that. There are plenty of books that talk about risk management. The problem is that Americans did not read them, instead they gambled on what they thought was a "sure thing". From my experience the vast majority of people do not even follow the conventional advice on portfolio management, let alone more bearish advice. I'm sick of hearing about people in their 50 and 60s losing 50%+ of their retirement funds. The only way that would occur is with a heavy allocation in stocks and nobody that old should be heavily invested in stocks.
I swear, can Americans not do anything without the government holding their hand? It really sucks for the folks that actually manage their own lives. What's next? Increasing the social security tax from the current ~12% to 25%?
Call me obstinate... but I'm one of the lost generation that I read about in the media... I don't trust Wall Street and promises made have not been kept.
My employer has terminated profit sharing and any 401k match. Seeing my account go down 55% and all the while being told to stay the course in nauseating
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