this is why the privazitation of retirement is just nonsensical. You can’t expect the median american to be able to invest in a way to provide an adequate retirement. God I remember when they wanted to float a scheme to have social security be essentially a 401k
Privatization of retirement did exactly what it was designed to do: it tied retirement savings directly to the stock market so any attempt to rein in Wall St has a built in poison pill for everyone over 30.
The real scheme behind the 401k is control. All the money managers boil down to Vanguard, BlackRock, and State Street, who use our funds to gain board control in every major commercial investment in the nation.
ugh and yeah. unlike ira there is no ability for employees to choose who is doing the management. Well outside of moving it over regularly which can be kinda hard to get to with all the other financial overhead pushed onto americans.
this is why the privazitation of retirement is just nonsensical. You can’t expect the median american to be able to invest in a way to provide an adequate retirement. God I remember when they wanted to float a scheme to have social security be essentially a 401k
Privatization of retirement did exactly what it was designed to do: it tied retirement savings directly to the stock market so any attempt to rein in Wall St has a built in poison pill for everyone over 30.
The real scheme behind the 401k is control. All the money managers boil down to Vanguard, BlackRock, and State Street, who use our funds to gain board control in every major commercial investment in the nation.
ugh and yeah. unlike ira there is no ability for employees to choose who is doing the management. Well outside of moving it over regularly which can be kinda hard to get to with all the other financial overhead pushed onto americans.