this post was submitted on 19 Jan 2025
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[–] [email protected] 42 points 1 day ago (3 children)

What part of a 401k do you think is a scam lmao

[–] [email protected] 21 points 23 hours ago* (last edited 22 hours ago)

The part where it's defined-contribution instead of defined-benefit.

To be perfectly honest, I personally am better served with a 401(k): I'm in an above-average earning career (engineering), have lived well below my means, and am financially literate.

But most people are not like me. Frankly, the average worker in the US is either not competent or not disciplined enough to both actually contribute enough and invest it properly, and so as a nation we're careening towards a disaster of geriatric poverty the likes of which hasn't been seen since before Social Security was invented.

So yeah, the American working class was definitely scammed when pensions were replaced with 401(k)s. But hell, even if you don't understand the actual differences and implications, you could also tell it's fishy even just by the fact that the execs were so eager to switch over!

[–] [email protected] 4 points 1 day ago (1 children)
[–] [email protected] 11 points 1 day ago (1 children)

Definitely some form of financial illiteracy which is certainly unfortunate but not to the detriment of all 401ks

[–] [email protected] 5 points 1 day ago* (last edited 1 day ago) (1 children)

it kinda is in that 401ks should not allow that pro job / anti worker bullshit

it’s crazy how we as a society allow all that obvious gatcha type rules just to help rich fucks get richer

[–] [email protected] 8 points 1 day ago (1 children)

Sure, but be mad at vestment, not all 401ks have that.

[–] [email protected] 3 points 1 day ago (1 children)

oh for sure I agree with you and it is likely his own fault but I do sympathize with his frustration