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The focus on 401ks has destroyed the retirement for millions of Americans over the last generation.
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<blockquote data-quote="brett636" data-source="post: 2350073" data-attributes="member: 249"><p>The problem with 401ks is that people simply don't have the discipline to put what they need to put into their 401ks. They get too focused on having the biggest house, go on the most lavish vacations they can afford, buy new cars all the time, and generally live on borrowed money from credit cards. The problem is mostly with the lack of savings, not the 401k program itself. One can generate a healthy retirement income from a 401k if they save consistently over a long period of time. Those who understand the principle of compound growth will benefit from it, those that don't will be paying it. Its that simple. </p><p></p><p>Pensions on the other hand aren't all that they are cracked up to be. Sure they provide a steady income in your retirement years, but as we have learned from the Central States debacle that money isn't guaranteed. Not to mention the whole host of other Teamster pension funds that are on the ropes as well. I've said it before on here and I will say it again, if I could opt out of my pension and have that money redirected to my 401k I would take that in a heartbeat. If I had control of that money at least I would have the piece of mind knowing I can manage it well enough to ensure it will be there when I need it.</p></blockquote><p></p>
[QUOTE="brett636, post: 2350073, member: 249"] The problem with 401ks is that people simply don't have the discipline to put what they need to put into their 401ks. They get too focused on having the biggest house, go on the most lavish vacations they can afford, buy new cars all the time, and generally live on borrowed money from credit cards. The problem is mostly with the lack of savings, not the 401k program itself. One can generate a healthy retirement income from a 401k if they save consistently over a long period of time. Those who understand the principle of compound growth will benefit from it, those that don't will be paying it. Its that simple. Pensions on the other hand aren't all that they are cracked up to be. Sure they provide a steady income in your retirement years, but as we have learned from the Central States debacle that money isn't guaranteed. Not to mention the whole host of other Teamster pension funds that are on the ropes as well. I've said it before on here and I will say it again, if I could opt out of my pension and have that money redirected to my 401k I would take that in a heartbeat. If I had control of that money at least I would have the piece of mind knowing I can manage it well enough to ensure it will be there when I need it. [/QUOTE]
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The focus on 401ks has destroyed the retirement for millions of Americans over the last generation.
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