Oh wow!
Soooo missing the reality.
Workers should have a PENSION. And actual return on their investment as an employee.
401K? Seriously?
What is a 401K?
It's a Ponzi scheme, as close to a scam as one can get, where the employee takes ALL OF THE RISK.
No matter how well your 401K does or might do, it takes only ONE economic hit to wipe it out.
Corporations love it that their employees take all the risk, and the corporation still able to pay their CEO's millions despite the ups and downs in the market. After all, they are not taking the risks, YOU ARE.
Pensions were and are the American way.
That was until greed and corruption took over.
Someone figured out this con of a system where the employer wins and the employee lose.
The 401K, where the risk factor was transferred from employer to employee.
It's all a con game. A shell game. A game of marked cards.
You can work your entire life building that 401K, and in one week it's all wiped out.
Now THAT is a perfect example of a con game, FYI.
That never happened with pensions. Not with companies that were legitimate and employees that earned a piece of that company.
And with companies that valued the employees contribution.
The 401K is easy money. Easy money for the corruption in the market place.
They see your money coming in and one day, as with the crash of 1929, they will take your money. It's inedible. They can't help it.
Greed drives their motivations, and well... what the heck.
With all that 401K money floating around, why not help themselves, or so they say. And they do help themselves, over and over and over.
If you have a 401K you definitely need a second plan.
That second plan, a livable travel trailer, or money buried in the back yard, or moving back in with old mom and dad.
Old retired Dad, they guy still receiving a pension.....