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After seeing the pensioners in my home country living in poverty because of economic crisis destroying their pensions, the government using pension money as if
by Izikiel43 4y ago
After seeing the pensioners in my home country living in poverty because of economic crisis destroying their pensions, the government using pension money as if it was its own, and being actively hostile to pensioners by delaying trials to pay the pension money fairly waiting for them to die, I will take a 401(k) over that always, my money is mine and no one else's.
- yazantapuz 4y agoArgentinian? The government theft of the private funds was outrageous. Although the AFJPs were far from being a 401(k) system.
- Izikiel43 4y ago> Argentinian Takes one to know one
- eniotna 4y agoMoney is never truly yours if you are not the issuer. That's why we need more "hard" money (gold, bitcoin).
- oblio 4y agoBitcoin is hard money? If it is, so is silly putty :-)))
- olddustytrail 4y agoI have some bad news for you then: many of the companies that provide 401(k) were on the verge of collapse in 2008. The only reason people didn't lose their pensions entirely was because the government bailed them out... You can always lose your money. Best to accept that and not worry too much.
- jobs_throwaway 4y agoHow does that work? The 401(k) providers are lending out the securities that their customers own?
- lotsofpulp 4y agoNo, 401k admins do not own the securities, the employees do. The comment is incorrect in implying the government bailed out the administrators, but the government did backstop the price the securities (the stock market) itself. Hence why I think an SP500 investment is risk free on a >3 year timeline.
- deleted 4y ago[deleted]
- pkaye 4y agoThe 401(k) money is held separately from the company funds.
- Izikiel43 4y ago> many of the companies that provide 401(k) were on the verge of collapse in 2008. The stock market went to shit, not the providers. The 401k appeal is that it's an account you *own* and the government can't touch for money, it would be the same as expropriating a bank account, which to be fair, the Argentinian goverment kind of did in 2001, hence why since then, people there save money in usd cash or in a foreign account, not in the local financial system. If the US government has to expropriate or do weird stuff in general with 401k accounts, we are in a situation where shit hit the fan long ago.
- datavirtue 4y ago"You can always lose your money." It went somewhere.