The Color of Money: Return of 401(k) matches is good sign | The...
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#1 Feb 21, 2010
401(k)s are the biggest fraud upon Americans since the U.S. began. They were originally sold as better than defined benefit plans and a huge windfall to employees with generous company matches. But company matches are nowhere near the levels of the past and will not likely return to any significant level. 401(k)s are supposed to be portable, but with the health care system failures, employees have to stay at jobs just to avoid bankruptcy if they get sick - assume the employer then doesn't fire them.
Defined benefit plans are much more efficient than 401(k)s. All the hoopla aside recently, the retirement systems have fared much better than individuals, lacking investment skills, have gained with their 401(k)s.
Now with the GOP wanting to eliminate Medicare and Social Security for those nearing retirement (50s), we will see a massive wave of poverty in the future for most of us in the golden (?) years.
About the only ones who have benefited from 401(k)s are the execs who get the kickbacks for constantly shifting funds around, and the fund managers who still get paid enourmous fees even if they are totally incompetent and the funds lose money.
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