You Bet They're Scams
401(k)s were never designed to be retirement vehicles in the first place, but good ole Congress made sure there were enough loopholes around that companies that had pensions could simply dump them in favor of these scam accounts.And most of them did. The ONLY reason they did so was to save money on pensions and to shift the risk of risky investments from them to employees.What a goddamned outrage, but people thought they'd get rich over these scams.A few people did, in fact, profit: the financial services industry.Everybody else has pretty much gotten screwed.We need to have an alternative, and preferably a return back to pensions.Snip: The United States is on the verge of a retirement crisis. For the first time in living memory, it seems likely that living standards for those over the age of 65 will begin to decline as compared to those who came before them—and that’s without taking into account the possibility that Social Security benefits will be cut at some point in the future.The culprit? . . .