This professor says it's time to kill your 401(k) (Gov Mandated Retirement)

Yahoo News ^ | Sun, Jan 15 7:00 AM PST | Tom Anderson

[Vigilanteman]

Very good info. Plus her statement is not surprising coming from an investment banker hack. They would LOVE to have access to billions of dollars which they could skim management fees off whether they perform or not.

I moved eligible 401(k) funds to a self-directed IRA when I discovered they were skimming fees off even the money market type funds which were paying nearly nothing. Crooked b*st*rds!

[babble-on]

Money management firms are pushing this as a source of a massive pool of assets for them to manage for fees on behalf of the SSA.

It’s a bad deal and a bad idea.

[Jimmy Valentine]

This bimbo was pushing this all during the Bush Administration. Her plan is simple; take over all funds in 401-k, Ira, etc and under government control distribute the money “proportionately” and “equitably”.
Basically a big FU to anyone who has tried to put away money for retirement.

[Pollster1]

“Mandate” - the favorite word of big government liberals who hate freedom. No, thank you. I will manage my own life and make my own mistakes . . . but also benefit from my own good decisions.

[GailA]

FAKE NEWS!

Those who work jobs that don’t offer a retirement plan must do their own plan. Ain’t that hard if you commit yourself to it. I preach it to my 15 yr old grandson, who can only work PT. Put $5 away each pay period, increase where possible. Don’t spend every dime you make, put any extra back into savings. When you get enough invest it in an annuity at least and don’t touch it, add to it when you can.

[pgkdan]

This wench, Ghilarducci, has been trying to get her hands on 401(k) money for the last 20 years. Probably longer. My 401(k) is very healthy and I’ve been very diligent about feeding it. Taking anything from our accounts would result in revolt in this country. We’ll take a lot of crap but when you start stealing folks life’s savings you’re going to a problem on your hands.

[pgkdan]

If you don’t have the individual discipline to do so, screw you! Don’t screw your employer.

AND DON"T SCREW ME!!

[I want the USA back]

Like hell. Entrust the government with one’s money? and when there’s another hillary or bammy and they decide how much you need and take the rest to give it to their voting block? Go to hell.

[VRWCarea51]

Don’t ferget the lockboxes....must promise it goes in a lock box /s

Acutally this is more nefarious than it seems. These crooks want to get control over personal retirement accounts to redistribute to those “less fortunate” that never saved a penny with a guarentee to all they would get piece of the pie whether they contributed or not.

The will sell it as a “fair” way to help the elderly. All the freeloaders that spent their lives getting their hair and nails done bi-weekly and covered with tatoos will approve.

[wbill]

That was my #1 concern with HRC. I figured she was going to make a grab for retirement accounts, those trillions just sitting there, ripe for the taking, would be too hard for a grasping, money-focused harpy like her to ignore.

So, we bought another 4-8 years. As Boomers retire and spend down that enormous pile of money, I'm hoping that it will be less tempting for pols to grab for it.

[stevio]

My sentiments too. That’s how the government backs all it’s debt.

[Alberta's Child]

If Hillary Clinton was elected she would be 100% behind this — except these “mandatory retirement accounts” would be managed by her Wall Street donors, not the U.S. government.

[Puppage]

The federal government has already proved its incompetence in managing other people's money.

But, but, they do such a great job with AMTRAK.

[EVO X]

“More than half of workers — roughly 55 million — don’t have access to a retirement plan on the job and 29 percent of households with members age 55 and older don’t have a nest egg or a traditional pension plan.”

The 401K is a tax shelter. If you're in the 15% tax bracket, there is not a whole lot to shelter. I would think most people in that bracket would be unable to fully fund a regular IRA or Roth IRA.

[wbill]

Your employer does not have to offer a 401(k)/Roth plan for you to invest in one.

And, I'd add that at half of the places I've worked, the fund offerings have been sub-par (2+% fees on a 500 index? Please.). I just contributed enough to get the match, or hide what needed to be hidden from taxes.

Some employers did well, some not. However, I like *all* of the investments that I make on my own. (they're not all good, but I don't need to 'settle' when I make them....)

[Pikachu_Dad]

No, it isn’t !!!

“The number one priority for many of Trump’s voters is retirement security,” Ghilarducci said. “”

[Kozak]

“Just trust us, and give us your money.....”

[Ticonderoga34]

This is the Obamacare of retirement plans.

Obamacare wasn’t created when Obama got in office. The Dims had the plan in a drawer somewhere waiting for the right time to get it pass. Eventually they did but the American public hated it and it is going to be repealed very soon.

Americans have something like a trillion dollars in various retirement plans and the left wants that money. They will put this plan in a filing cabinet somewhere and wait for the right time to get it passed. Hopefully, after 8 years of Trump and 8 years of Pence as POTUS this plan will end up in the ash heap of history.

[Jimmy The Snake]

So Govt Mandated employee and employer participation in a 401K with a 2.5% minimum for each, tax defer like today I believe. so..

1-What happens to my existing 401K, is this a wealth grab?

2-What about people in various entry level type positions where 401K is not offered? Due to employer 2.5% match, isn’t this a low end job killer like bumping up the Minimum Wage has proven to be?

[Lazamataz]

So they lost — BIGLY — and they are *still* trying to set the agenda.

Ya gotta give them credit: They got huge brass clankers.