@[email protected] to Personal [email protected]English • 7 months agoWas the 401(k) a Mistake? How an obscure, 45-year old tax change transformed retirement and left so many Americans out in the cold.www.nytimes.comexternal-linkmessage-square45fedilinkarrow-up198arrow-down10cross-posted to: [email protected]
arrow-up198arrow-down1external-linkWas the 401(k) a Mistake? How an obscure, 45-year old tax change transformed retirement and left so many Americans out in the cold.www.nytimes.com@[email protected] to Personal [email protected]English • 7 months agomessage-square45fedilinkcross-posted to: [email protected]
minus-square@[email protected]linkfedilinkEnglish39•edit-27 months ago401ks weren’t a “mistake” they were designed to give wallstreet traders more money and for that task they have succeeded extremely well. e: To the tune of $7trillion according to the article.
minus-square@CopernicanlinkEnglish9•edit-27 months agoHow do you think pension plans make money? They are managed by fiduciaries responsible for investing. Guess where they invest. 20% of the stock market is owned by pension funds :https://retiregenz.com/what-percentage-of-the-stock-market-is-owned-by-pension-funds/
401ks weren’t a “mistake” they were designed to give wallstreet traders more money and for that task they have succeeded extremely well.
e: To the tune of $7trillion according to the article.
How do you think pension plans make money? They are managed by fiduciaries responsible for investing. Guess where they invest. 20% of the stock market is owned by pension funds :https://retiregenz.com/what-percentage-of-the-stock-market-is-owned-by-pension-funds/
I like how you got downvoted. This is 1000% true.