this post was submitted on 19 Jan 2025
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What part of a 401k do you think is a scam lmao
The part where it's defined-contribution instead of defined-benefit.
To be perfectly honest, I personally am better served with a 401(k): I'm in an above-average earning career (engineering), have lived well below my means, and am financially literate.
But most people are not like me. Frankly, the average worker in the US is either not competent or not disciplined enough to both actually contribute enough and invest it properly, and so as a nation we're careening towards a disaster of geriatric poverty the likes of which hasn't been seen since before Social Security was invented.
So yeah, the American working class was definitely scammed when pensions were replaced with 401(k)s. But hell, even if you don't understand the actual differences and implications, you could also tell it's fishy even just by the fact that the execs were so eager to switch over!
guessing vestment
Definitely some form of financial illiteracy which is certainly unfortunate but not to the detriment of all 401ks
it kinda is in that 401ks should not allow that pro job / anti worker bullshit
it’s crazy how we as a society allow all that obvious gatcha type rules just to help rich fucks get richer
Sure, but be mad at vestment, not all 401ks have that.
oh for sure I agree with you and it is likely his own fault but I do sympathize with his frustration
How is adding money every paycheck to an account with the promise of it being there later my fault?
depends on what part you are upset with
stock selection, interest, market fluctuation, vestment dates or withdrawal age
you’re being so purposely obtuse no one has any idea what you are complaining over
Shit, you probably don't believe in direct deposit either.
That response doesn't make any sense.
The assumption that you're going to live to a ripe old age and still remember your own name.
"Don't plan for tomorrow because you might not live through today" is a great way to die horribly tomorrow.
That's cute but guaranteed if you're under 30. If you're under 40, you're going to lose any and everything you save.
I'm excited to hear you clean up on Short bets with that crystal ball of yours