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401K's never designed for retirement...

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EmeraldCityGrl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:23 PM
Original message
401K's never designed for retirement...
According to Rep. George Miller on CNBC.

Huh? Now they tell us...:crazy:
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ingac70 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:24 PM
Response to Original message
1. Then what the hell were they for?
Thank goodness I never got suckered into putting my money in that crap.
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TechBear_Seattle Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:24 PM
Response to Original message
2. So Miller is saying that the US Tax Code is lying when it calls them retirement accounts?
Edited on Tue Oct-07-08 03:28 PM by TechBear_Seattle
Read the US Tax Code, Section 401(k) for yourself.


:eyes:
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:26 PM
Response to Original message
3. obviously he is correct
think about it: sucker all the boomers into the market and then when they get to retirement age: POW! They were designed to screw us.
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speedoo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:27 PM
Response to Original message
4. There is so much misinformation about 401k's out there.
I like Miller, his heart's in the right place, but what he was really saying is the 401k program needs to be restructured and I agree.
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Xenotime Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 09:21 PM
Response to Reply #4
7. I agree too. There should be a portion that goes to those who can't afford retirement.
A more fair distribution of investments is what will balance those who are no longer working.
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NC_Nurse Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 03:27 PM
Response to Original message
5. They were designed to get companies out of having pension programs...
now yer on yer own - heh heh....
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-08 06:45 PM
Response to Reply #5
6. yes. unfortunately.
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