A ridiculous example of the government getting “the people” into the market. A market most don’t understand. They abdicate any responsibility to a mutual fund that pays them the most money. Those funds press their holdings for unrealistic returns.
I’ve seen those funds ruin good companies. I’ve been in those analyst meetings.
The 401(k) was the worst thing to happen to the US business world since the Great Depression. This lousy account will be another example of a stupid idea.
**The 401(k) was the worst thing to happen to the US business world since the Great Depression.**
Come on!
**A Roth IRA is more flexible for college savings.**
All IRA’s should be Roth, especially those thousand $ ones given at birth.
So I think what I hear you saying is that the 401k was a big factor in the rise of the bean counters running businesses, with emphasis on short-term profits at the expense of long-term results.
I would love to hear your reason for that. I had thought that eliminating pensions and shifting both the risk and most of the expense to the employees was a huge money saver for companies. The only negative was eliminating what was left of employee loyalty to stay until retirement rather than job hopping.
You are saying the 401K was a bad plan? I guess I never had one and I didn’t understand the problem(s). I didn’t get in on the one I could have had as the company was not contributing enough to do any good. Also, most of the time I didn’t make enough to make it anywhere near worthwhile either. Also ,that tells me that the company I worked did not do a decent job of explaining the plan. In fact, it was never explained to me.