Comments by "TeeKay" (@teekay_1) on "Vincent Chan" channel.

  1. To claim pensions are better than 401K ignores the very real scenario where the company goes out of business and then you have nothing. This has happened as much as companies have used dodgy accounting to pay for pensions out of revenue, which means they're under-capitalized. And then the company shuts down that division and gets rid of the liability of the pension. In that case you'd be better off with a 401K Also almost every government backed pension is significantly significantly underfunded, which means that there will be a day when enough people retire that the state will reneg on it's commitment. For example California's pension is underfunded by over $1T. And with high earners leaving the state, what's the chance you'll get that money? So the reality is you need to look after yourself; it's not a 401K problem; it's a problem if you give your money to someone else, you'll always have a risk that the money will disappears, including social security, 401K not under your control, or a state or country pension. It is strange you don't point this out.
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