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Totally BS, it was designed to allow Corporations to get away from providing great Pension Plans. So as the elite reward themselves with Record Wealth, they are ripping off the Workers in the process. The Race to the Bottom continues. However if your Employer matches dollar for dollar, take it the the Max.
Worked for many years in a small group practice with a very practical outlook on our 401K.
1) High earners can only maximize contributions by maximizing participation by lower earners.
2) Lowers earners will only participate if they understand the process. Our answers?
Generous match. Company pays administrative fees, not participant. Low cost panel of mutual funds (we used Vanguard for decades). And lots of education and encouragement.
Didn't always work, of course, but you can't help if you don't try...
Do we really want the goverment managing more retirement money? What is to stop them from steering funds to T-Bills when they need a loan?
People need to be held accountable for themselves and only then will we see an improvment in retirement savings.
The military still provides a pension after just 20 years of service. If you want a pension then enlist in the military and serve 20 years.
I'm not a fan of automatic enrollment nor automatic contribution escalation. It's my money so it should be my choice - not forced upon me. I'm not saying that 401(k) programs are bad - I'm saying that I want to make my own investment choices.
My employer sent me an e-mail with much fanfare about how they were automatically enrolling me into a 401(k) plan that they'd picked. Other than the name of the provider, there were only vague details about what made up the portfolio. I checked the provider's web site and couldn't find our plan name listed. When I called and asked (after a long hold) I was given a run-around and an attitude of "trust us". Sorry but I don't invest blindly and I don't trust salesmen.
I was assured that I could opt out easily, and they did provide instructions. But I found that those instructions did not work - the website menu selections did not exist. I called again and they admitted that I actually had to opt out with them over the phone, followed by a notarized letter! They purposely make it hard for us to get their hands out of our pockets.
Since then I got the cold shoulder with every interaction with my employer. They said I'm not a team player (since I wouldn't be one of their sheep). But they were just a contracting agency so I changed agencies. I wonder how much kickback they were getting?
The reason S.S is broke is because L.B.J. stole the money to finance his Viet Nam war .
Then his great society program that pays to people that has never paid a penny into it.
Now we have Obuma that wants to be the dictator and take control of everything.
Just wait... if he gets his way you will have your S.S. taken away from you if you have a 401k or any other retirement plan.
And yes, when a ceo. can scalp us for millions a year we have a problem.
If you want the best be a politician. You can serve 4 years and retire with full pay and benefits.
Then try to tell the voters how hard you are working for them.
This nation is very corrupt.
Impeach Obuma !!!!
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