401k
Today at work we had a presentation from reps of the devils that manage our 401k program. The whole thing was completely infuriating.
These finance fucks can tell me with a straight face that I should easily be able to put aside $500/month in order to achieve sufficient savings to retire on (hopefully). As if rent and food don't enter the picture.
Of course we had one ivy league educated MBA 'big tuna' try to debate types of investments with the reps and then leave. He must have money to set aside. The only other highlight was when the devils told us how much a 25yr old should set aside each month, then a 35yr old, finally a 45yr old (I believe it is $1000/mo). When asked if they even needed to tell how much a 55yr old should do, I just blurted out, "commit suicide?"
How the fuck can people even begin to accept that their retirement is a gamble?! It is a religion named capitalism.
These finance fucks can tell me with a straight face that I should easily be able to put aside $500/month in order to achieve sufficient savings to retire on (hopefully). As if rent and food don't enter the picture.
Of course we had one ivy league educated MBA 'big tuna' try to debate types of investments with the reps and then leave. He must have money to set aside. The only other highlight was when the devils told us how much a 25yr old should set aside each month, then a 35yr old, finally a 45yr old (I believe it is $1000/mo). When asked if they even needed to tell how much a 55yr old should do, I just blurted out, "commit suicide?"
How the fuck can people even begin to accept that their retirement is a gamble?! It is a religion named capitalism.
posted by shane at 4:21 PM
4 Comments:
Are you saying you're opposed to 401k's in general, or that you're frustrated that there is a (big) chance that the money you invest now won't be enough to support you as a retiree?
Politically, I am opposed to any system that tells me to pay for my own retirement after I have given a lifetime of sweat and labor to it. On top of that, nothing is promised. It is all a risk.
To even enage capitalist investing, one has to assume so many things as alltruisms that are nothing more than faith.
That said, so long as chances are I will live out my life in the US of A and this system will not collapse, I have to put SOME thought/money into when I can no longer work.
I have little faith that working class people like us will retire comfortably.
(I wish I had kids to help support me.)
I don't know how much i agree with a few of your statements.. I think that there are stable vehicles for retirement savings and planning. We should chat about it. As far as 401k's go, I'm not a huge fan unless the company I work for does matching.. The best thing about them is that they are pre-tax.
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