Comments by "Jim my" (@chowsquid) on "How 401(k) Plans Work And Why They Killed Pensions" video.

  1. Sure but what if your company was Apple or Tesla or amazon?
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  2. Not just employer, but also the pension fund. Ontario teachers pension just had their FTX investment evaporate. Granted it wasn’t a large portion of the total pension investment, it just shows actual humans pick the pension fund managers that pick investments.
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  3. Longevity risk
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  4.  @Locogatos  now think about that scenario and you not having a million dollar for that car.😢
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  5.  @Locogatos  seriously, if that’s the case, you’ll want to be working ideally at that car company selling a car for a million dollars. Problem is you aren’t working then right? 😢 That’s why you should have invested this whole time….perhaps in the stock of this car company selling million dollar cars everyday.🎉🎉🎉
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  6. You can control your withdraws, so it’s up to you. You can withdraw all your 401K at once and pay higher taxes so you can tell your friends you aren’t broke.😂 if that’s important to you. I plan to live off my Roth IRA and withdraw the maximum from the other accounts without triggering any taxes. So to you, I’m super broke. Maybe even food stamp broke.
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  7.  @victorespino5650  almost did last last year with the $10mil or above Roth.
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  8.  @jew-sa  then why couldn’t you just convert away your 401k at that time or before?
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  9.  @dodgervision1  you don’t need to qualify for a Roth 401k, it’s just an option with your employer if they offer it. Maybe look for a new tax guy.
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  10.  @muffemod  ha we have that now. 2023
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  11.  @MrHammer2088  he means there is a fee just to have the plan. No matter what fund you choose.
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  12.  @marcuslosgreat4225  did anyone promised that it would result in higher wages? Pretty sure no one assumed that.
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  13.  @lilacdoe7945  very lucky though. Apple almost died. Same for Tesla.
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  14.  @PascalH70  401k is there to park your money until you can convert it to a IRA or a Roth
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  15.  @user-dw1zb3fh5n  ummm where did you think pension fund make its money? 😮😮😮
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  16.  @timbutler9170  depends. Non spouses can withdraw over 10years.
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  17.  @nexes300  are you saying that guarantee is free?
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  18.  @mannarmylie4195  you could sell your matched Enron stock and buy something else. I’m sure most didn’t cuz they were true believers
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  19.  @mannarmylie4195  you can sell the company stock yo! And use the money to but SP500 stock
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  20.  @dayneamyx5916  one of the nuances of pension is there’s usually more active employees paying into it so the pension can run “under funded” and no one notices (too much). If a pension was standing alone with no active employees and no company paying into the missing (underfunded) money, we’ll be hearing lots of screams from the retirees.
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  21. You should see the amount of underfunded pensions out there
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  22.  @Anne.411  I also don’t literally see any of my paycheck. They literally just add numbers to my checking account.
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  23.  @Anne.411  imagine your whole retirement is based on a promise from the guys that hired you 30yrs ago who doesn’t work there anymore. 😢 How legally binding is a promise anyway? Is that more than a QB guaranteeing a Super Bowl victory?
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  24. You mean shifted the control to the employees. I wouldn’t trust my retirement at the hands of my employer if there was a choice.
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  25.  @DWilliam1  what was not said is that your lower salary compared to your corp friends means part of that money you don’t see could have been your money but instead your job put some of that into the pension. Your physical money you put in was $48k total, but you aren’t counting all of the money your employer put in on your behalf and also pay the investment firm to run the pension. Which btw, they can also f-up. So to make an apples to apples compare. Your corp friends would save $175k of that $250 and invest it and live same $75k as you. Then we’L&L see how they fare at 55 with $175k invested every year. If it was me, it would be more thank $100k income a year
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  26.  @zodiacdana  that’s more like now. That’s not how it was before or in other countries.
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  27. My company used to have both. Offered a portable pension so you can take it when you leave…..for a lesser amount of course. Eventually it become 401k for newbies.
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  28.  @corbin_8384  you pay for that guarantee. Always.
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