Rantings and tirades of a frustrated economist.
I'm sure you noticed the comment at the end of the article where they talk about the new trend of "auto enrollment" in I am assuming 401K type plans for new workers? We no longer have any type of retirement savings due to the roller coaster ride of the economy the last several years. We are trying to come up with our own eccentric idea of how to retire. So far it consists of eating one too many bacon cheeseburgers and dying of a heart attack.
Personally, i prefer Gold and Bullets!
I guess all that Silent/Boomer-led offshoring is rightsizing the stock market, what with Shadowstats-adjusted wages at 1930's levels and all.
OMG exactly! I end up in WAY too many conversations at work where people try to tell me to "invest" in the stock market and how I "need" to because it has done so well for them. I also get accused of not being a capitalist because they commonly refer to their gambling money as "capital", and "how can I claim to be a capitalist, and not want to invest capital"??? I'm not the monopoly man!Long story, but I, misguided and misunderstanding of the 401k system, had, until recently believed that I could get the money out of my account by paying the taxes and penalties for early withdrawal any time I wanted. I had only participated in the plan because I figured I was losing the money either way: Giving it up now to taxes, or giving it up later when the dollar crashed and it was worthless. Well, I decided I should just take most of it out, and whatever they let me keep after penalties and such I was going to spend on gardening equipment and other real and useable survival equipment. I was kindly informed by T. Rowe Price that the money was not actually mine, and the only way to get it now was to quit my job, since it was a "company sponsored plan". I stopped all contributions immediately. I received 2 unsolicited calls that same afternoon from T Rowe Price telling me that they have the investment I am looking for, and not to go and definitely not to quit my job. THEY ARE SCARED SHITLESS THAT WE WILL NOT CONTINUE TO FUND THE PONZI SCHEME UNTIL THEY DIE.I even had another coworker shaking in his boots last month because I told him I was not going to pay his social security because as soon as I can get the money I am buying a small personal farm and living below the poverty line.I hate boomers.
You and me and a 100 million other people both kid....not to mention, I think some boomers hate themselves.Enjoy the cheap nursing homes!
The thing a con-man (or con-woman) hates most is when people become wise to their con games and refuse to play.(Slightly OTS, but this is also why the 'liberated' spinsters are angry at men who are refusing to 'man up'.)
401k's and IRA's are little more than 'market day for slaves'. Plus, thanks to government giving these special privileges, it distorts the market even more than it had been with the central bank funny money.
The market was ludicrously cheap last year, and it's still not a bad time to jump in. Don't be a Peter Schiff permabear tool. A lack of excess profits doesn't mean a lack of profits. A 401k simply invested in the market easily beats the majority of managed funds.
I invest in farmland and guns. There may come a day when what you have will be what you can stand in front of and defend.
.38 cal retirement plan.Government will still take SS out of my checks and I know 100% that I will never see a cent of this money. If people think I'm going to voluntarily contribute more on top of that, they're insane.
"According to data from Baltimore-based fund shop T. Rowe Price, if one saver puts away $500 a month from ages 21 to 30 and enjoys a 7 percent annual return, she will end up with almost a million bucks at age 65."I for one am so glad Obama ended the recession so that people under 30 can finally get not only jobs -- period -- but ones that offer to start in excess of $6K annual disposable income that can be frittered away on investments.
Gee, funny how that works. Engage in wide spread fraud and people stop trusting you with their money. Completely irrational.Of course something will have to replace Wall Street. Capital markets are essential. It's just that they don't work if they're run by con men. Wanna be really rich in about 20 years Cap? Figure out what that replacement is going to be and start building it.
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