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That's a terrible situation, but this is exactly why people should want their retirement savings to be kept in an account with their own name on it. When the m
by test6554 9y ago
That's a terrible situation, but this is exactly why people should want their retirement savings to be kept in an account with their own name on it.
When the music stops for a pension, your chair is up for grabs. When the music stops for a 401k, nobody can grab your chair.
- lovich 9y agoNot entirely true, the government can always take your 401k
- Spivak 9y agoGovernment could also just imprison you indefinitely for no reason. There can't be rule of law if nobody expects rule of law.
- WorldMaker 9y agoNot entirely true: companies are more than happy to make extremely complicated vesting strategies for their contributions to a 401k just to make sure they can grab back as much as possible just by firing you. The lower and middle class get golden handcuffs. I've known far too many people who've worked miserable jobs far beyond what they should have just to make sure that more of their 401k vests.