[lit-ideas] Re: Bush taking apart SS
- From: "Andy Amago" <aamago@xxxxxxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx, lit-ideas@xxxxxxxxxxxxx
- Date: Wed, 11 May 2005 10:25:06 -0400
This exactly illustrates the fiction of the 401k that I was referring to.
Investing in the stock market is not only dicey at best, it's expensive
because of broker fees. There was the scandal of the mutual funds
recently a couple of years ago. Theoretically people get rich on the stock
market. In reality they take out what they put in, or less.
Andy Amago
> [Original Message]
> From: Eric Yost <eyost1132@xxxxxxxxxxxxx>
> To: <lit-ideas@xxxxxxxxxxxxx>
> Date: 5/10/2005 10:41:34 PM
> Subject: [lit-ideas] Re: Bush taking apart SS
>
> Brian: I'm of an age where the SS money I was
> forced to pay will not be there when my retirement arrives. I'm
> fully capable of planning for my own retirement and do a lot better
> than the buffoons who are spending my interest-free loan
> profligately.
>
> Eric: I asked where you were coming from and you have explained that you
> were "red baiting." That helps to know.
>
> I also have two major personal objections to privatizing SS.
>
> (1) Personal preference: though I have worked on Wall Street, I am not
> interested in money management or finance and would prefer not to be
> burdened with having to manage my retirement savings. In the rather
> short life we are granted, I would prefer to devote more time to
> pursuing learning and things I love, rather than be forced to play stock
> picker and fund analyst. Freedom from having to think about money
> management would be worth more than any small incremental advantage that
> might result from managing a retirement account.
>
> (2) Personal experience: I had a 403(b) plan invested active at a firm
> for years during 1994-2003. When it was rollover time, I had a net loss
> of almost $10k over the amount invested by the company.
>
> In other words, for that period of time, if I had simply put the 403(b)
> money in an escrow account without interest, I would have made almost
> $10k more than I ended with in the balanced, conservative, respected
> fund managing the 403(b) account. If it were a 2 percent government
> account, I would have made much more than $10k over what the funds
accrued.
>
> In short, I don't like to be forced into money management, and it didn't
> work for me in the past.
>
>
>
>
>
>
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