Quote:
Originally Posted by The Dad Fisherman
But now most companies are offering 401k or 401k-like retirement funds with different matching options....if you choose to invest in them. Even temp agencies are now starting to offer retirement savings options.
Since getting out of the service I have worked for 7 different private companies....they all offered 401k-type plans....and I invested in every one because I knew someday I would retire. Right now I work in the public sector and they, too, offer a 401k type plan for retirement....and I'm investing in it as well.
this has been going on for 30 years for me....so this is not something new.
|
What is new, I guess, is the departure in the private sector away from pensions, and replacing then with 401k plans. Most socialists who hate business, use this as an excuse to bash those mean businesses who did away with pensions about 25 years ago, at least here in CT.
But the pensions were not sustainable. In the private sector, you need to do away with things that are financially impossible, because there are limits to how high you can raise your prices. In the public sector, you can just keep raising taxes, because I can't choose not to pay my taxes. That's the only reason why pensions exist in the public sector, but even there, you can avoid reality only for so long.
Those pensions are about to implode, the Baby Boomers will be the straw that broke the camel's back.