401k WTF, i worked for mine, grow get a job!!!!!!!!!!

[snopropanther]

this sucks for you guys if it goes forward.

i have 58 dollars in rrsp's from work. i had to buy in which sucked and have lost approx 800 bucks. didnt even know i had it. called the department and was shocked there was money in it.

 

[Fosgate]

As a financial advisor I really don't care for the 401k period unless it has a stated benefit much like a pension plan. (it's not for me we'll leave it at that). Don't get me wrong it is a good retirement tool but the downside is that the masses are allowed to chose where their $ is invested. Some of you might not have a problem with that but how many of you would like your co-worker to do your investment? 10-10 would probably say no thank you. but we let them do their planning. The wonderful execs at Xerox discovered the 401k loophole in the IRS tax code in the 70's. It's a great tool if your in the upper income bracket. but those in middle income to low income it is one of many tools for retirement planning. But yet corporations discontinued the pensions in favor of the 401k. 401k only pays from the time you leave the company until you reach 65 after which you are reliant on social security. How many trust we'll have much from SSI? I'm all for a pension plans returning. Right now from my perspective there are 3 major flaws in the 401k. One, people have access to it which they can and do tap into the cash. Two, many people look at it as their only retirement tool which they do not recieve sufficient education to vest. Three, corporations can freeze the cashout of these retirement tool in the times of bankruptcy or buyout, thus reducing the value substatually for someones retirement account. (IE Rubbermaid empoyees say a reduction of a $2000 401k check to about $200)

There are so many reasons why I don't like the 401k and the way it's being pushed. But I don't have enough time to post them.

 

[BossRev]

LEAVE MY MONEY THE FAWK ALONE.

I will manage it myself.

 

[xrated]

fosgate, I got time and time so feel free to explain more, or more options. Hell I'm only 25 so I gots lots of time to save for old age.

 

[Mad Max Performance]

If you haven't heard a new president was elected last week, and he goes against everything capitalism is about. Comrade obama is a socialist, and there are a lot of dumb f*cks in this country that voted for him because we need "CHANGE". Well we are going to get change alright, but it will not be the change that is good for this country and the constitution. Hold on boys, the next four years are going to be one wild ride..........

Dont be a smart *** Snow Fox. I was one of the ones that said Obama was a rat, and I still cant believe that they would even TRY to pass this one. It better be just talk.

 

[ruffryder]

fosgate, I got time and time so feel free to explain more, or more options. Hell I'm only 25 so I gots lots of time to save for old age.

Yah.... Fosgate, please do..... Your concerns about the 401k are the same that I have... I also don't like the idea of retirement tied to stocks.... seems if you retire while the economy is bad you get screwed.... To many things tied together for my liking...

 

[xrated]

Yah.... Fosgate, please do..... Your concerns about the 401k are the same that I have... I also don't like the idea of retirement tied to stocks.... seems if you retire while the economy is bad you get screwed.... To many things tied together for my liking...

chit if things don't turn around, when i do get money(hey a wife and 2 kids eats up money) I'm gonna end up burying it in mayonase jars!

 

[Snow Fox]

Dont be a smart *** Snow Fox. I was one of the ones that said Obama was a rat, and I still cant believe that they would even TRY to pass this one. It better be just talk.

Smart a$$?? I am being dead F'n serious. People need to pull their heads out of their a$$es and wake the f*ck up............

 

[bobback]

Social security...an example of a government ran program that fails!!! I would gladly sign something right now stating that I will be solely responsible for my retirement, if I wouldn't have to pay into this. Why is congress/the senate exempt from this wonderful program?

I'm 36, and by the time I retire I bet that I/we will have to qualify for social security...for example...Since I have (hopefully at least) $1 million in my 401k and Roth, I won't qualify for ssi.

what a crock!

 

[Perk]

Looks like an urban legend guys....stay calm, don't change your investment strategy

more reading material for you....

http://www.msnbc.msn.com/id/27487450/

 

[Fosgate]

Best Education on 401k's that I have seen in years. It's pretty long but some really good info. I bought the DVD and made all my close family watch it and refered clients to watch it before in the past.

http://www.pbs.org/wgbh/pages/frontline/retirement/view/

Also may want to be aware of the controversy with "short-selling" due to the economy as of late. Short-selling is what helps make pension funds possible. Regulation of short selling could have serious impact on peoples pensions as well, if regulation is not structured correctly.

 

[Ollie]

Liberals depend on the class of people they have created.
It's the dependancy class.
Those live on welfare, medicare, SS or are scared they won't have they hand outs when they get there.

There is no way to stop em from doing what ever they want.
Do you really think they give a crap what you think?
Do you really think they care if you THREATEN to take up arms?
They know that 95% of the country will be mad as hell, but they also know you will yell and scream and do nothing about it. They know this because it has always been the case. they have done some really moronic things that have done serious damage to this country and nobody did a thing.
Now they have complete control.
Stand by,
this is not even started yet. The liberals will do what ever they need to to secure their future power.

 

[milehighassassin]

This has already been covered:
http://snowest.com/forum/showthread.php?t=102304
Read more than just the subject. This is ONE CRAZY PERSON who testified in front of Congress with HER IDEA. Not one single politician has endorsed this idea.

There were people that testified in front of Congress saying 911 was an inside job, does that mean congress is agreeing with them?

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans”

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism.

Sounds like no one liked this idea.

 

[Snowizard]

From a retired sledder....

Milehigh is correct, but it just shows you the way the congress is leaning lefty.
I'm 66, and not taking Social (In) Security yet, but I have been living off my 401K thru the state teachers retirement association, and also drawing down several mutual funds and investments.

With the stock market decline, I've lost over $150,000 on paper.

But (if) when things improve, I will likely make that back. Whoopie-doo about a guaranteed 3% from the SOCIALIST Security dept.
And they keep anything over 3%.

I'll take my chances in the open market.

I'm worried enough about my situation since I'm already retired, but I feel bad for all the younger folks, my own kids, and my grand kids, who are left wondering what is left for them when they hit retirement age.

Oh, yeah, before the election there was a thread about this topic and some dude "2001ex----something "was on rants about this topic and was giving me negative reps for the very thing others have posted here, and I've posted again.

'Wiz.

 

[xrated]

I'm worried enough about my situation since I'm already retired, but I feel bad for all the younger folks, my own kids, and my grand kids, who are left wondering what is left for them when they hit retirement age.-been working and paying SS since I was 16, full time since 20 and I've never even dreamed I would have SS to help. Not sure what I will have but I know it's coming from me.

 

[jim]

I've never counted on SS....the fact of the matter is that all working people now will have to carry forward a huge tax burden...and it will get worse if the dems pass more laws (they forced banks to give a certain % of subprime mortgage loans so that people without enough money could get into nice houses). What sucks is that SS is going to dry up and health care is spiraling out of control (some put it at 10% increase per year). How are we supposed to keep up with that? Especially when people are having less and less kids nowadays...nobody to support the needed tax revenue for the future. With the dems plans to just take more money, instead of trim the fat, we are screwed. If I can't sled and they get all of my money, I have no motivation to work hard in a stressful job anymore...I'll be more than happy to go get a cheap, easy job and just have enough for a car payment. Take away my retirement and recreation and I have no motivation...