Yellow | Pension or 401K?

[Liberty138]

The fact that a 401k is a rip off has been known for 20+ years. They are outdated. In the past, you had to trust someone to trade for you. But now, you can trade yourself. I have said it a thousand times on here, "Just give me the money, and I will govern my own life". In my opinion, I would never trust any company to look out for my best interest. All of the money spent and wasted on all the "goodies", just give me the cash. I should have that Liberty to choose. But in the market now, If you dont play the scam, then "no monies for you driver". The 401k is not a perk, it's a fraud.

https://www.reddit.com/r/interestingasfuck/comments/1aj7rcq

 

[seabreeze]

The fact that a 401k is a rip off has been known for 20+ years. They are outdated. In the past, you had to trust someone to trade for you. But now, you can trade yourself. I have said it a thousand times on here, "Just give me the money, and I will govern my own life". In my opinion, I would never trust any company to look out for my best interest. All of the money spent and wasted on all the "goodies", just give me the cash. I should have that Liberty to choose. But in the market now, If you dont play the scam, then "no monies for you driver". The 401k is not a perk, it's a fraud.

https://www.reddit.com/r/interestingasfuck/comments/1aj7rcq

I counted all your posts, I can't come close to 1000 times.

 

[Liberty138]

<blockquote class="reddit-embed-bq" style="height:500px" data-embed-height="740">How Americans were scammed into giving up their pensions by replacing it with the "401k"
byu/urmomsloosevag ininterestingasfuck

I counted all your posts, I can't come close to 1000 times.

So let's think this through. I contribute 3k per year and so the company. The company was willing to give up the money, but only if I go along with this. The Darren Hawkins the trader on The NYSE gets to trade that money on the market. If he loses, it's gone. Ya, definitely not. I have seen with my own eyes, drivers lose all of 30 years 401K in 2008. They lost it all. But now anyone can trade the market. But in every trucking hiring package it's still there. Why now give me the matching 3k in cash? The company was willing to put it out on my behalf anyway. It's the dumbest thing I have ever heard of.

 

[Triplex]

<blockquote class="reddit-embed-bq" style="height:500px" data-embed-height="740">How Americans were scammed into giving up their pensions by replacing it with the "401k"
byu/urmomsloosevag ininterestingasfuck

So let's think this through. I contribute 3k per year and so the company. The company was willing to give up the money, but only if I go along with this. The Darren Hawkins the trader on The NYSE gets to trade that money on the market. If he loses, it's gone. Ya, definitely not. I have seen with my own eyes, drivers lose all of 30 years 401K in 2008. They lost it all. But now anyone can trade the market. But in every trucking hiring package it's still there. Why now give me the matching 3k in cash? The company was willing to put it out on my behalf anyway. It's the dumbest thing I have ever heard of.

You're clueless. The company doesn't get your contributions, it goes into the particular 401-K you joined which is administered by a financial institution. Where in the world did you come up with the idea that that company gets to play with those funds?

And if a worker loses his contributions it's because he made bad choices of where to invest those funds.

 

[seabreeze]

<blockquote class="reddit-embed-bq" style="height:500px" data-embed-height="740">How Americans were scammed into giving up their pensions by replacing it with the "401k"
byu/urmomsloosevag ininterestingasfuck

So let's think this through. I contribute 3k per year and so the company. The company was willing to give up the money, but only if I go along with this. The Darren Hawkins the trader on The NYSE gets to trade that money on the market. If he loses, it's gone. Ya, definitely not. I have seen with my own eyes, drivers lose all of 30 years 401K in 2008. They lost it all. But now anyone can trade the market. But in every trucking hiring package it's still there. Why now give me the matching 3k in cash? The company was willing to put it out on my behalf anyway. It's the dumbest thing I have ever heard of.

I've been trading on the market for years, that's how I became a millionaire by buying only quality stocks like Lucent, Enron, Waccamaw Bank, and Linn Energy.
If you need any stock trading advice, feel free to ask.

 

[Liberty138]

You're clueless. The company doesn't get your contributions, it goes into the particular 401-K you joined which is administered by a financial institution. Where in the world did you come up with the idea that that company gets to play with those funds?

And if a worker loses his contributions it's because he made bad choices of where to invest those funds.

The company and the employee hand it to an investment firm, and they invest in the stock market, and charge you fees. If there is a loss, the company does not get the money. My reference to Darren is implying that traders with the same intelligence trade the money, like the news story says, from 60 Minutes, thats very old. If a worker loses money in their 401K, it was a bad choice, thats the point of the thread.

 

[Triplex]

The company and the employee hand it to an investment firm, and they invest in the stock market, and charge you fees. If there is a loss, the company does not get the money. My reference to Darren is implying that traders with the same intelligence trade the money, like the news story says, from 60 Minutes, thats very old. If a worker loses money in their 401K, it was a bad choice, thats the point of the thread.

The investment firm invests your funds where you direct them to - in mutual funds, bond funds, money market, etc., rarely in individual stocks. You choose where to invest according to the options in the particular plan you're in. You can invest aggressively or conservatively, your choice, you are responsible as to where the funds are invested. No sensible person does trading in their retirement accounts.

 

[Lazer]

The company and the employee hand it to an investment firm, and they invest in the stock market, and charge you fees. If there is a loss, the company does not get the money. My reference to Darren is implying that traders with the same intelligence trade the money, like the news story says, from 60 Minutes, thats very old. If a worker loses money in their 401K, it was a bad choice, thats the point of the thread.

Of the 401(k) plans I had over my working career, it was my choice where I directed my contribution and my employer’s contribution to be invested. I was not required to invest in the stock market if I chose not to, an FDIC 100% secure account was always an option.

 

[EX396]

. Where in the world did you come up with the idea that that company gets to play with those funds?

Same place he came up with the notion that people lost everything in their 401k during the 2008 crash.

 

[Liberty138]

The investment firm invests your funds where you direct them to - in mutual funds, bond funds, money market, etc., rarely in individual stocks. You choose where to invest according to the options in the particular plan you're in. You can invest aggressively or conservatively, your choice, you are responsible as to where the funds are invested. No sensible person does trading in their retirement accounts.

Anyone can open a retirement account with a free platform and trade themselves. But you cant short, making it worthless in a bearish market. And there are penalties for taking the money out too soon. A lot of day traders after they make enough to stop working, start trading in a retirement account. I personally dont see the benefit. Id rather pay the taxes now and be able to short.

 

[Liberty138]

Of the 401(k) plans I had over my working career, it was my choice where I directed my contribution and my employer’s contribution to be invested. I was not required to invest in the stock market if I chose not to, an FDIC 100% secure account was always an option.

Nobody ever said it's forced. There is a link in the first post to a 60 Minutes tv article explaining how the 401K was used to replace the pension, because it benefits companies, therefor being deceptive. That's why very few offer a pension anymore. If people want to have a 401K, knock yourself out. But like the video clearly explains, its used now to deceive employees into thinking it's a retirement plan. It was never intended to be that, nor does it work as advertised. The video is about a minute long. This thread is pointing out the misrepresentation of what a 401K is, and how it's used to manipulate Americans. That's why The Teamsters have pensions. I'll give them credit for that, as its a real retirement plan.

 

[Liberty138]

Here is the full 15 minute clip.

 

[Teamsta II]

The only people that made out every time on the 401k and the companies like vanguard. They get their fees no matter what happens to the markets .

 

[Treman530]

I put money into a 401k the day that it was offered. I learned how to move money between funds and watched it carefully. Yeah, it went down in 2001 and 2008 but for most of the rest of the time it went up. I live quite confortably now that I'm retired. I rolled it all into annuities and now every month I get deposits that exceed what I get from my pension. Learn how to use something and you will benefit from it.

 

[dokman]

Same place he came up with the notion that people lost everything in their 401k during the 2008 crash.

His comment wasn’t even worth debunking.

 

[dokman]

Same place he came up with the notion that people lost everything in their 401k during the 2008

The fact that a 401k is a rip off has been known for 20+ years. They are outdated. In the past, you had to trust someone to trade for you. But now, you can trade yourself. I have said it a thousand times on here, "Just give me the money, and I will govern my own life". In my opinion, I would never trust any company to look out for my best interest. All of the money spent and wasted on all the "goodies", just give me the cash. I should have that Liberty to choose. But in the market now, If you dont play the scam, then "no monies for you driver". The 401k is not a perk, it's a fraud.

https://www.reddit.com/r/interestingasfuck/comments/1aj7rcq

I

The fact that a 401k is a rip off has been known for 20+ years. They are outdated. In the past, you had to trust someone to trade for you. But now, you can trade yourself. I have said it a thousand times on here, "Just give me the money, and I will govern my own life". In my opinion, I would never trust any company to look out for my best interest. All of the money spent and wasted on all the "goodies", just give me the cash. I should have that Liberty to choose. But in the market now, If you dont play the scam, then "no monies for you driver". The 401k is not a perk, it's a fraud.

https://www.reddit.com/r/interestingasfuck/comments/1aj7rcq

I think you are mistaken that all companies make their contribution with their company stock. I believe Enron did this, and since there have been laws protecting employees from this, I may be wrong.

 

[dokman]

When Teamster’s first offered 401k we had a guy in break room running his mouth how the Teamsters and company would control your money and take it from you, blah, blah , blah. How it was stupid and bad choice, his final words get in it and wait and see how fast you lose it. Well I spoke up against him. Later a driver asked what I knew about it, I asked if he had done any investing already, he replied yes with a broker. I said take info to him and see what he tells you. He came back and said loud mouth was wrong and thanked me for steering him to good advice.
20+years later when he retired we had a conversation about that event and he said had it not been for him investing in the 401 k that he would not be retiring today, instead several years later.
Far too often people’s fears and lack of understanding are what comes out of their mouth, instead of saying I really don’t know what to think about because I don’t know.

 

[Puff Driver]

Here is the full 15 minute clip.

The same 60 minutes that pushed fake documents on GWB?
That 60 minutes...

 

[Puff Driver]

The only people that made out every time on the 401k and the companies like vanguard. They get their fees no matter what happens to the markets .

But Vanguard does not charge a fee to 401k members?
They have one of the lowest expense rations in the industry

 

[Treman530]

When Teamster’s first offered 401k we had a guy in break room running his mouth how the Teamsters and company would control your money and take it from you, blah, blah , blah. How it was stupid and bad choice, his final words get in it and wait and see how fast you lose it. Well I spoke up against him. Later a driver asked what I knew about it, I asked if he had done any investing already, he replied yes with a broker. I said take info to him and see what he tells you. He came back and said loud mouth was wrong and thanked me for steering him to good advice.
20+years later when he retired we had a conversation about that event and he said had it not been for him investing in the 401 k that he would not be retiring today, instead several years later.
Far too often people’s fears and lack of understanding are what comes out of their mouth, instead of saying I really don’t know what to think about because I don’t know.

When I first started my 401 there were guys in the drivers room yelling at me because they said it was a rip off. I did not pay attention and just stopped talking about it. I would be home watching the financial reports on TV. They would have people like Neil Cavuto, Susie Orman and various other experts and every one of them was speaking positive about 401k's. I'm sitting there thinking that these people get paid to be financial advisors and telling people what the best thing to do with their money. I'm a truck driver pushing around 28 foot trailers for a living. Who knows more about handling money? Me or them? I never let my contribution fall below 10%. I kept increasing it and at one time I was putting 26% of my salary in and that was with the 15%. that Yellow was taking. I survived, my family benefits from it every week.