Corn
Diamond Member
- Nov 12, 1999
- 6,389
- 29
- 91
Even assuming your grandiose claims are true, your experience is atypical. From the "silly liberal" rag, The Wall Street Journal:
Of course none of your charming tale has anything to do with Hal2kilo's point that 401(k) plans have been a great scam for Wall Street. They've been a great propaganda tool, conning middle-class Americans into voting against their overall interests out of a misguided belief that what's good for Wall Street is also good for them personally. We've been duped out of literally trillions of dollars thanks to that canard, but you and those like you are too blinded by ideology to get it.
Silly sock puppet.
Of course my experience is "atypical". I've invested the maximum allowed during my entire working duration and I also pay close attention to my investments. While this does not guarantee my investments won't lose value (I did lose nearly 40% in my 401k value in 2008, but my gains in 2009 covered those losses plus), it really does help mitigate some of it. As for most people, go ahead and poll your average 401k investor to name a specific investment fund they've got their money in and you'll get "uhhhhhh......" as an answer. Most people can't be bothered.
But more to the point, if boomers can't be trusted to save enough for their retirement with their 401k's plus SSI, how the hell could anyone survive on SSI alone? How much should the government provide to the average citizen to ensure they maintain their "standard of living" during retirement in you world? We are a free spending credit leveraged entitled society, perhaps that is why the median household will have to lower their standard of living during their retirement years. DUH!
Pension plans also invest in Wall Street, it is how they make money, generally. There is always risk of loss, and loss is inevitable. Retirement accounts should be diversified and investments should be transitioned from high gain investments to stable investments as one nears retirement age.
Do tell, how have I voted against my own self interest when I know my retirement will be more than comfortable? Trillions of dollars in losses, yet my retirement portfolio is fatter today than it was in 2007. How can this be?