About Your 401(k) - NYTimes.com
Personal story; back in the good old days of the stock market, I worked for a corporation that offered a 401(k) program. Odd, but in the branch office where I worked, very few of us used the maximum amount of salary option (10%). Most people were afraid of the stock market because they didn't understand it and were reluctant to put a good sized chunk of their salary into something so mysterious. (These were educated 'white collar' folks) And there were a good number of people who used the 401(k) as a piggy bank by taking out loans against the principal whenever they felt like shopping. Their investments usually totaled up to 0. The corporation didn't offer 'training programs' to help people understand how these investments worked and so most never switched stocks when the stocks began to underperform. They just sat and watched the value dribble away.
Now it's all coming down around them...Thank you, Republican leaders.
No comments:
Post a Comment