canaryinthemine
Retirement....The Job I Was Born To Have!
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Here we go , Gentlemen! The Metaphysical gauntlet has been thrown down!
Several Brothers on this site have expressed a preference for defined-contribution retirements,...commonly known as 401(k)'s.
I, myself, had called them "schemes"...........that only favor banks, Wall Street, and employers.......at the expense of employees.
I can clarify a bit by saying I was involved in ABF's 401(k),...and the involuntary switching from ABF's Fidelity fund to the Teamster's Prudential fund. I think that 401(k)'s have a place as far as savings go,.....but to rely on them as a SOLE retirement vehicle........as they are "sold" by many employers,.....is a huge financial error.
The fact that pretty much all of the "investors" in defined-contribution plans......have NO idea of how the "mechanics" of retirement on a 401(K)-style plan....(....ask your co-workers HOW they will get their "retirement" check from their 401(k) when they retire, and you'll see what I mean...).....
......is , in my eyes, evidence that there is a heavy sales pressure being applied.........
.......regardless of whether the employees in question...will be properly taken care of,...through retirement.
I realize,.....as the literature says in the 401(K) brochure,.......that the investments you are making are your personal decision,......and carry NO guarantee.
This would preclude anyone getting involved in a defined-contribution investment plan as a SOLE means of retirement,..to spend quite a bit of time researching all aspects of the various 401(K)'s, 501 plans, and the other types of investment schemes.
Yet,.....the fact that just about all of the people I've talked to,...have no clue how they're going to get...paid...in retirement,.......and are involved in the company's 401(K) STRICTLY on their faith that "good investments" will be made on their behalf.......
......shows me that the average employee is not being....educated.....on what will become the most important decision of their life....in their '60's.
I.....suspect......that lack of information,....is by design.
Brothers,.........what do you think?
Several Brothers on this site have expressed a preference for defined-contribution retirements,...commonly known as 401(k)'s.
I, myself, had called them "schemes"...........that only favor banks, Wall Street, and employers.......at the expense of employees.
I can clarify a bit by saying I was involved in ABF's 401(k),...and the involuntary switching from ABF's Fidelity fund to the Teamster's Prudential fund. I think that 401(k)'s have a place as far as savings go,.....but to rely on them as a SOLE retirement vehicle........as they are "sold" by many employers,.....is a huge financial error.
The fact that pretty much all of the "investors" in defined-contribution plans......have NO idea of how the "mechanics" of retirement on a 401(K)-style plan....(....ask your co-workers HOW they will get their "retirement" check from their 401(k) when they retire, and you'll see what I mean...).....
......is , in my eyes, evidence that there is a heavy sales pressure being applied.........
.......regardless of whether the employees in question...will be properly taken care of,...through retirement.
I realize,.....as the literature says in the 401(K) brochure,.......that the investments you are making are your personal decision,......and carry NO guarantee.
This would preclude anyone getting involved in a defined-contribution investment plan as a SOLE means of retirement,..to spend quite a bit of time researching all aspects of the various 401(K)'s, 501 plans, and the other types of investment schemes.
Yet,.....the fact that just about all of the people I've talked to,...have no clue how they're going to get...paid...in retirement,.......and are involved in the company's 401(K) STRICTLY on their faith that "good investments" will be made on their behalf.......
......shows me that the average employee is not being....educated.....on what will become the most important decision of their life....in their '60's.
I.....suspect......that lack of information,....is by design.
Brothers,.........what do you think?