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-square49fedilinkarrow-up1101arrow-down10
arrow-up1101arrow-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-square49fedilink
minus-squarePowerCrazy@lemmy.mllinkfedilinkEnglisharrow-up44arrow-down3·edit-26 months ago401ks weren’t a “mistake” they were designed to give wallstreet traders more money and for that task they have succeeded extremely well. e: To the tune of $7trillion according to the article.
minus-squareCopernican@lemmy.worldlinkfedilinkEnglisharrow-up10arrow-down1·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-up10arrow-down1·6 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.
e: To the tune of $7trillion according to the article.
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.