Sunday, October 12, 2008

401 K Sucks

I've said it before and I'll say it again - the 401 K sucks. My statement came yesterday and within ten months the value has dropped back to what I had in it in 2004. It gets tiring when people say to leave it in and keep contributing because it will come back. How about the fact that penalties and taxes on top of taxes will take a large chunk if I take it out? Well, I'd have some of it rather than none of it. What of people who are already retired and depend on their 401 K payout to survive. What are they going to do now? We are told to save and invest because social security won't be there for us at retirement. Guess what, your 401 K won't be there either. Here's one more thing, I've been told in the past that if I got savings bonds that I would not make nearly as much as the 401 K. Hm mmm, make a little less on interest but be able to get it if your in dire straights such as making a mortgage payment because it's there or risk it all in 401 K, lose it all and not being able to use it to survive today. So these huge companies screw up and we have to bail them out while they, like Richard Fuld of Lehman brothers, walk away with millions while we foot the bill and sink.

Another suit trying to look like the victim.

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