Monday, July 16, 2012

Kiss Your 401k Goodbye

Between the world's most corrupt people managing your retirement account (financial service people) and the government licking its chops over your nice little nest egg, you don't really think you're going to get to keep your IRA and 401k, do you?


Lib Arts Major Making $27k/yr At An Office Job said...

Well seeing as my savings will never beat inflation and my Social Security deductions are equivalent to taking that amount of money from my check and pitching it into a stiff breeze, I don't think I have enough to be worried about losing it.

If things get bad enough, I can always cash in my .38 caliber retirement plan early, right?

sth_txs said...

“No such thing as safe when you talk about it,” Rogers told in response to a question regarding investing during times of crisis. “Even if you put your money in cash, if you put your money in the wrong cash, you lose a lot of money. As the people in Iceland have found out, as the people in Europe on the Euro have found out. So, no such thing as safe.”

Anonymous said...

One of the problems is that the World's Most Incompetent and Greedy Financial Managers (the BSD's of Wall Street) and the World's Greediest Politicians (in D.C.) are in a cozy little financial arrangement to rip us off. Each pays the other off, and neither is going to do anything that might upset the applecart. It's a rigged game.

Chris said...


Yes I will keep my pension account.

I am using a University scheme run by a financial agency that is then audited by some of the most feral accountans and lawyers I know.

But it is not a 401k, because I am not living in America. My advice to young Cappy people in the USA is very simple.

Your country is going down the socailist sewer. Leave. Now. Cash in that 401K to buy the ticket and pay off the IRS, before the scum take it.

Rachel & Robert said...

I'm curious if the "401k isn't yours" crowd use banks, after all, not in your hands right? Even precious metals have their limits, anyone recall anti-hoarding laws? Save, diversify, hope for the best. If the world tanks, everyone will be in the same boat, if it doesn't you'll do much better than those who didn't. Rather like Pascal's wager.

FSK said...

I already wrote about this.

Summarizing, the plan is to force people to buy an annuity from the government, rather than keeping their 401(k)/IRA assets and manage it themselves.

There is a precedent. In Greece, pension plans were required to invest in government bonds, and then the government defaulted.