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Thread: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

  1. #1
    Taking A Stand!!!

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    Default 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    You're probably aware that in recent decades 401(k) plans have risen to replace pension plans as the first line of retirement savings for millions of Americans. But most of the benefit of these plans, such as it is, has accrued to the wealthiest Americans, argues the Economic Policy Institute, a left-leaning think tank, using an armada of charts.

    That means the poorest Americans are increasingly left to rely on Social Security as their primary source of retirement income at a time when many in Washington are trying to squeeze Social Security benefits.
    401(k) Plans Are Making Wealth Inequality Even Worse: Study

  2. #2
    Retired !

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Who didn't know that !
    If you hardly can make ends meet, week to week, how are you going to stash away cash in a 401K ?
    And if you do, wait until you see the roller coaster ride your account goes on as the Wall Street thieves play their games.

  3. #3
    Taking A Stand!!!

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Quote Originally Posted by fxstc07 View Post
    Who didn't know that !
    If you hardly can make ends meet, week to week, how are you going to stash away cash in a 401K ?
    And if you do, wait until you see the roller coaster ride your account goes on as the Wall Street thieves play their games.
    Exactly! We had to spend what little we had in our account when husband was laid off for so long. Kept our roof over our head. And ABF does not match so it takes a long time to accumulate much of anything. We recently joined back up with the plan but it isn't going to do a darn thing for our retirement.

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    Jesus Christ is Lord

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Well it can be done like ObamaCare, forced 401K plans that you have to participate in and you can not touch. You now pay 12.4 of you pay, 6.2 from you and 6.2 from your employer.
    Get away from wall street, hardly even pension plan are in there.

  5. #5
    Retired !

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Quote Originally Posted by strapdrager View Post
    Well it can be done like ObamaCare, forced 401K plans that you have to participate in and you can not touch.
    That's called "Social Security" ... and folks like you aren't happy with that program either.
    You now pay 12.4 of you pay, 6.2 from you and 6.2 from your employer.
    Get away from wall street, hardly even pension plan are in there.
    Every pension plan is involved with Wall Street.
    They all hold mutual funds, bonds, securities ... all tied to the thieves on Wall Street.
    Your not financially astute strappy.

  6. #6
    Scab Hating Union Thug

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Quote Originally Posted by fxstc07 View Post
    Who didn't know that !
    If you hardly can make ends meet, week to week, how are you going to stash away cash in a 401K ?
    And if you do, wait until you see the roller coaster ride your account goes on as the Wall Street thieves play their games.
    This is one point I always fall on the floor laughing about when I discuss pensions and our benefits we enjoy through our belonging to a Union with drivers form one of the greatest bottom feeders of all time....Old Dominion. I always hear about this great 401K the company offers. I ask how much they are able to put away for retirement? A small amount of muttering is the reply....."I really can't afford to save much because I have to pay for insurance premiums." The same goes for Estes. These drivers work at straight time for all hours worked, have no benefits paid by the company, and will be lumped into the category of those that have only Social Security to retire on. When will they realize there is strength in numbers and organize and stand with us?
    fxstc07 and ABFwife like this.

  7. #7
    Not So Fast Scabs

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Not with the leadership we got now

  8. #8
    Retired !

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Quote Originally Posted by 222lifer View Post
    These drivers work at straight time for all hours worked, have no benefits paid by the company, and will be lumped into the category of those that have only Social Security to retire on. When will they realize there is strength in numbers and organize and stand with us?
    I would say ... when it's too late for them.

    Even to this day, as carriers like Fedex change their pension rules mid-stream, the drivers still hold to the belief they can control their destiny ( finances ) and while holding, and directing that 401K, it will be their salvation.
    The average man ( not just truck drivers ) can't commit to saving, much less decide on how to invest what they do save.

  9. #9
    Scab Hating Union Thug

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    Default Re: 401(k) Plans Are Making Wealth Inequality Even Worse: Study

    Quote Originally Posted by fxstc07 View Post
    I would say ... when it's too late for them.

    Even to this day, as carriers like Fedex change their pension rules mid-stream, the drivers still hold to the belief they can control their destiny ( finances ) and while holding, and directing that 401K, it will be their salvation.
    The average man ( not just truck drivers ) can't commit to saving, much less decide on how to invest what they do save.
    I agree completely. The 401K was not designed to be a stand alone stream of retirement income. We as Teamsters have the opportunity for multiple streams of retirement income. Our pensions, the Teamsters National 401K, Social Security, personal savings and investments. A little planning for the future and the golden years are quite comfortable. Most of my retired brothers are pulling down retirement income equal to or better than what they were earning while employed.
    fxstc07 and ABFwife like this.

 

 

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