Blaze@reddthat.com to Personal Finance@lemmy.mlEnglish · 6 months agoWas the 401(k) a Mistake? How an obscure, 45-year old tax change transformed retirement and left so many Americans out in the cold.www.nytimes.comexternal-linkmessage-square54fedilinkarrow-up11arrow-down10
arrow-up11arrow-down1external-linkWas the 401(k) a Mistake? How an obscure, 45-year old tax change transformed retirement and left so many Americans out in the cold.www.nytimes.comBlaze@reddthat.com to Personal Finance@lemmy.mlEnglish · 6 months agomessage-square54fedilink
minus-squarePowerCrazy@lemmy.mllinkfedilinkEnglisharrow-up0·6 months ago401ks weren’t a “mistake” they were designed to give wallstreet traders more money and for that task they have succeeded extremely well.
minus-squareCopernican@lemmy.worldlinkfedilinkEnglisharrow-up0·edit-26 months agoHow do you think pension plans make money? They are managed by fiduciaries responsible for investing. Guess where they invest. 20% of the stock market is owned by pension funds :https://retiregenz.com/what-percentage-of-the-stock-market-is-owned-by-pension-funds/
minus-squareRaiderkev@lemmy.worldlinkfedilinkEnglisharrow-up0·6 months agoI like how you got downvoted. This is 1000% true.
401ks weren’t a “mistake” they were designed to give wallstreet traders more money and for that task they have succeeded extremely well.
How do you think pension plans make money? They are managed by fiduciaries responsible for investing. Guess where they invest. 20% of the stock market is owned by pension funds :https://retiregenz.com/what-percentage-of-the-stock-market-is-owned-by-pension-funds/
I like how you got downvoted. This is 1000% true.