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General Electric Company Message Board

  • gitreelonce gitreelonce Mar 19, 2013 12:36 PM Flag

    astonishingly, cnbc says most americans not ready for retirement due to 24,000 average 401k balance.

     

    for those of you that dont work, a 401k is an investment vehicle.
    but cnbc is needlessly spreading fear..
    as though their hedge fund buddies want a market pull back, and a chance to buy in.
    what that average balance doesnt tell you is that people nearing retirement typically have 200,000 plus.
    and that people who have worked one month might have a 10 dollar balance.
    that a lot of people don't want their retirement based on the stock market, which can go up and down 20% in months.
    that a lot of people dont want to buy stock in their company, which a lot of 401 k's still require. Dint you learn anything from enron, where the guy lost a million in enron stock in his 401k, and his job.
    that a lot of people dont want to pay fees for having an account (60 dollars a year, for 40 years, or 24,000 just for the account), and fees charged by funds, that you dont see, and they get every year, whether you make money or not. .5% avae fund fee times 100,000 ave balance over 40 years times 40 years=20,000.
    SO the average 401k investor will pay over 44,000 in fees to mutual funds and the plan administrator over a 40 year career.
    hey cnbc. its not that the average employee isnt ready for retirment.
    ITS THAT MANY EMPLOYEES HAVE WAKEN UP, AND REFUSED TO BE ABUSED BY 401K'S, AND THE MARKET, AND THE COMPANY THEY WORK FOR, AND HAVE MOST OF THEIR RETIREMENT MONEY ELSEWHERE.
    CNBC. A GOOD FRIEND TO WALL STREET, AND A PAWN OF HEDGE FUNDS, AND WORSHIPPER OF CREEPS LIKE DIMON AND BERNIE.

    This topic is deleted.
 
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