4 ms·

Saving money to be able to survive when you can't work anymore is unethical?

by waterphone 10y ago

mkaziz 10y ago
You can save without putting that money in an IRA/401k and the like.
- eronhp 10y ago
  I am not american, could you explain why putting your money in a IRA/401k would be considered unethical? And what alternatives do you have?
  - s_q_b 10y ago
    Money placed in a 401(k) is generally invested in the market. The hypothesis is that retirement money is a primary source of capital for investment banks. Some young people hold the view that this is akin to financing the banks' unethical activity, and refuse to participate. Of course this is nonsense. One can always keep invest a 401(k) in hard currency or short term treasuries (T-bills.)
    - dragonwriter 10y ago
      > Money placed in a 401(k) is generally invested in the market. So is money put in a bank. Other than stuffing cash in a mattress, there are very few ways you can save money that don't involve either investing in markets or enabling someone else to do so. > One can always keep invest a 401(k) in hard currency or short term treasuries (T-bills.) Using your 401(k) to buy up central-bank issued currency or government securities (both of which financial sector companies also invest in, and increases in other people investing in them increases their returns and gives them more money for their other operations) -- all while still paying a fee to the investment company running the 401(k) -- isn't any less investing in the financial markets and enabling unethical behavior on the part of investment banks than investing your 401(k) in the stock market is .
      - s_q_b 10y ago
        I agree, it's a foolish stance. It's primarily an excuse not to save, sort of like a homeless man telling you he doesn't own a BMW because they're bad for the environment. Even stuffing cash into your mattress affects the total amount of dollars in circulation, and thus represents a zero-interest loan to the government.
  - Spooky23 10y ago
    It's just a wacky rationalization for not saving. Similar to people who preach about the evils of fast food hanging out at Chipotle or Starbucks.
codemac 10y ago
Oh I don't think it's unethical. I do think our bankers act unethically, but I still have a retirement account. My statement was that people feel so strongly about this that I know multiple people that don't save money in retirement accounts.
- Erik816 10y ago
  That sounds a lot like people that refused to get married until everyone could get married. That might explain 10% of their situation, but 90% was that they didn't want to get married. Saving is hard, and this is just a nice rationalization for their existing behavior.
- Alupis 10y ago
  Well, time will eventually turn your friend's thoughts towards retirement - and that's when they'll realize who's foot they were shooting all along.

Saving money to be able to survive when you can't work anymore is unethical?

mkaziz 10y ago

You can save without putting that money in an IRA/401k and the like.

eronhp 10y ago
I am not american, could you explain why putting your money in a IRA/401k would be considered unethical? And what alternatives do you have?
- s_q_b 10y ago
  Money placed in a 401(k) is generally invested in the market. The hypothesis is that retirement money is a primary source of capital for investment banks. Some young people hold the view that this is akin to financing the banks' unethical activity, and refuse to participate. Of course this is nonsense. One can always keep invest a 401(k) in hard currency or short term treasuries (T-bills.)
  - dragonwriter 10y ago
    > Money placed in a 401(k) is generally invested in the market. So is money put in a bank. Other than stuffing cash in a mattress, there are very few ways you can save money that don't involve either investing in markets or enabling someone else to do so. > One can always keep invest a 401(k) in hard currency or short term treasuries (T-bills.) Using your 401(k) to buy up central-bank issued currency or government securities (both of which financial sector companies also invest in, and increases in other people investing in them increases their returns and gives them more money for their other operations) -- all while still paying a fee to the investment company running the 401(k) -- isn't any less investing in the financial markets and enabling unethical behavior on the part of investment banks than investing your 401(k) in the stock market is .
    - s_q_b 10y ago
      I agree, it's a foolish stance. It's primarily an excuse not to save, sort of like a homeless man telling you he doesn't own a BMW because they're bad for the environment. Even stuffing cash into your mattress affects the total amount of dollars in circulation, and thus represents a zero-interest loan to the government.
- Spooky23 10y ago
  It's just a wacky rationalization for not saving. Similar to people who preach about the evils of fast food hanging out at Chipotle or Starbucks.

codemac 10y ago

Oh I don't think it's unethical. I do think our bankers act unethically, but I still have a retirement account. My statement was that people feel so strongly about this that I know multiple people that don't save money in retirement accounts.

Erik816 10y ago
That sounds a lot like people that refused to get married until everyone could get married. That might explain 10% of their situation, but 90% was that they didn't want to get married. Saving is hard, and this is just a nice rationalization for their existing behavior.
Alupis 10y ago
Well, time will eventually turn your friend's thoughts towards retirement - and that's when they'll realize who's foot they were shooting all along.