The 401k Fallout

[yunghovafmpr]

suckers u friggin suckers cry all you want dont trust yourselves trust government thats right even after all the damages keep on trusting them. But hey the worst has yet to come.

[joshfrmn]

There's a software program that tells you what your best performing mutual funds are in you 401k and gives a bullish/bearish market signal (text and email alert) to let you know when a possible crash or dip in the market will happen... which then you will get into a cash account to secure your savings. It predicted the 2008 flash crash. If anyone's interested it is sold at maximizemy401k(DOT)com. Highly recommended.

[mrzack888]

the lobbyist needs to brush his teeth once in a while. 

[virtualrr09]

The the Tea Party representative wants to these Goon to take care of our Private version of Social Security. Wake up. I prefer no Social Security than let these crooks with license take to care of my money. If you let these hoodlums take your money, they wiII steal it. That simple. They will argue, blah, blah and blah.

[bodizone1]

get out of the stock market, wall street is a giant pnzi scheme!!

[bodizone1]

screw the boomers, they stole all our jobs, never saved, and dont want to retire! they caused the bankruptcy of the usa, wait till they start milking the social security system dry, you aint seen nothing yet!!!!

[jackiechan511]

The whole American financial system is a legalized pyramid scheme.

[Kblues80]

the 08 crisis was simply money stolen from the system.

[225Bender]

No doubt that the 401k industry needs to be improved. Most importantly, fee disclosure and investment profile transparency are crucial as things move forward. That said, this is a typical Left Wing characterization of a sensible alternative to another government controlled program. Every 401k plan has extremely conservative investment options that protect principle. When Wall Street vultures hype periods of high return investors get aggressive-TAKE RESPONSIBILITY AND AVOID LARGE FLUCTUATIONS.

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[cheeriosinabowl]

So you work your ass all your life, hoping to retire with a reasonable comfortable lifestyle. You live your life by the book, and still get screwed by government, big business, rotten financial experts, and tons of taxes and rules and regulations to go along with that. Of course, it's the little guy that gets hit bad, never the crooks who run the system. The American dream is really an America lie.

[SuperSunfish]

Independent financial advisers can really assist in getting the work force to think 'smarter' on retirement. Asking around never hurts.

[jebenn23]

Never invest in a 401K past your company's matching program (typically 6% of your income). I say its good to save 25% of your income cash into the bank, the another 25% into investments. Not everyone can do this but minimize your expenses.

[notablesolutions4u]

This film is so important, we included a link from our website, My Self Sufficient Plan, to help this video get more exposure.

[BogusJesus]

Blame Reagan, Bush, Clinton, Bush, but Obama will be the fall guy because he got the shovel to finish the job.

[Buff1nt0n]

@BogusJesus "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered. I believe the banking institutions are more dangerous to our Liberties than Standing Armies..."Father of the Constitution" -Thomas Jefferson...... ABOLISH THE FED AND WALL STREET!!!

[KoalaBearWarrior]

My parents cashed out their 401ks before the crash. They saw it coming and gladly paid the exit fees :)

[cheeriosinabowl]

@KoalaBearWarrior

... you have very smart parents.

[BogusJesus]

Empower my ass. NFW, FTS, most of these 401K funds are nothing but junk.

[matt888444]

I don't participate in my 401K at all... I want my money NOW. I use my money from my job to buy used cars, then I clean the cars up and sell them for at least a 10% profit sometimes more. I do this for CASH so it's Tax Free with no paper trail. I buy the car with cash, I don't file for a new title, I just pass the title along to the new buyer when I sell it. It's the EASIEST money I've ever made and it's fun.

[flukes777]

@matt888444 I am just like you except I use the money from my job to grow weed. I sell the weed and just rake in the cash. No 401k for me. Right on!

[matt888444]

Don't those who are 65 still get Social Security? I'm sorry but it's hard for me to feel sorry for someone who lost $100,000 but still has $50,000. I mean it's not like they are BROKE. They have SOME income they just want to live in a Mansion and drive a Mercedes when they need to face the reality that they need to sell that house for whatever they can get and go RENT AN APARTMENT somewhere for $800 a month.

[wilsongrp]

@matt888444 Matt that same 65 year old could one day be you. Regardless of what they may have now, remember they worked most of them just like you and entrusted their money to a government who directs us to put money into something they control to increase tax revenue. So don't hate the 65 year old who worked and tried to save money for retirement. Education is the key. I now put my money into a guaranteed tax free plan. I don't mind sharing....

[NotThatDrunken]

what about the youth

[NotThatDrunken]

i take that back :(

[NotThatDrunken]

HAHAHHAHAHAhAHAHAHAHAHAH!!!!!!­!!!!!

[FernCFP]

Never does it talk about what these people invested in. They made choices along the way to be in equities or in cash. They chose equities and they lost, and now they are blaming others. The problem isn't the 401k - it is the financial illiteracy that is so prevalent in our society. Take investing 101, folks and don't repeat this scenario again. -Fern Alix LaRocca CFP 401kmaximum

[insurancemike10]

@FernCFP Fern I take extreme offense to your irresponible remark. How dare you throw your nose in the air and blame the public for the choices in sub accounts!!! Are you that foolish to believe the 'ave. joe' should understand anything that has to do with their 401K!!! They are given lists of 20-40 accounts with little explanation and told to pick something. All the 401K did was let corporate America off the hook when it comes to retirement plans. You should be ashamed of yourself.

[insurancemike10]

@FernCFP The 401K not only took retirement planning off the "corp backs" it's the most discrimatory plan there is with limits of $16,500 - what the heck are high income earner suppose to do? I have my ideas but most don't know they exist, especially your "typical CPA" - CPA's like you are "historians" who do nothing but look back at "the tax I saved you" yet always fail to review the "tax your caused" the client. Think about it, we all have a partner in our 401K &they control the rules!!!

[Flyyyy]

Hey 60 Minutes.......how about spending a segment on finding out what is GREAT about the USA instead of bashing it every Sunday night.

There are people in Cuba who have been swimming in shark-infested waters, risking getting eaten by sharks, just to get to the USA. Are people from the USA, swimming in these same waters to get to CUBA ( to embrace it's glorious Socialistic /Communist government ?)

I think not !

Do you like Apples?

Well "How 'bout them apples" ?

[slamdunktiger]

OWNED @ 11:20, lying through his crooked teeth

[reyvalentin251]

Its time to wake up and take matter into our own creative hands! Depending on the gov or a big company to pay for your retirement is just absurd! Its so sad that so many people have to lose so much before we realize that a CHANGE is needed.

Check out my channel to learn what you can do about it RIGHT NOW! 

[Drsnafubar]

No thanks to the wall street, banking elitists and gov't sluts who are blatantly stealing this country's wealth, why no one has started executing these thieves is beyond me. goldman sachs and ex employees of would be good place to start

[iam4u2cl8er]

Gold and Silver...only way to go!

[marcmolina1us]

Annuities are the way to go!

[LushAviation]

Umm..UH...but...uhhh

[MrGreatLakesBuffalo]

YOU STUPID MOTHER FUCKERS... you all wanted big gains. I said...give me Gods money...Gold and silver. I bought CEF and GTU and made over 46% in two years. Why should my 401k be confiscated to fund these loser and the next social security 2.0 fraud. You all laughed when we bought gold....now whose laughing....fuck you all.

[tinner2002]

I personally like my 401K. I haven't lost any money and I have gained a little. I probably only gained as much as a savings account, but what I like is that no matter what I (nor my wife!), cab get to it. If I could, it would have been spent on things i "needed". It's been a great savings account for me. the only thing I don't like is that I can't get into it for any reason. I would like to buy a house cash while the market is low...can't do it. :(

[jennyblock100]

invest in POT !

[smedheat]

play by the rule, get screwed

[150133]

This is so sad and depressing.

[tlfettled]

The elite at the top have gotten so greedy they have bleed the working class into poverty.

[Maxxleo9]

Having a 401K plan or not, you would like to see this report.

[ZaphedBeebleBrox]

jews guys jews.. they suck your blood.

[mathproof]

There is more than one group involved.

[knowledgePeace]

Stealing is wrong. But as long as it is written in a contract, hidden behind legal jargon and laced with the ideal of "individual responsibility"; it's not stealing, it's capitalism.

Hey, it worked for the Native Americans.

Now let's continue robbing hardworking Americans. After all, they should've read the fine print.

[mathproof]

The point of this report is that the proper disclosures are not in that print, which makes all the difference.

[mrbriguy78]

11:04 is comedy gold. Hilarious - but pathetic.

This lobbyist is just a sacrificial lamb for a financial "services" (code for screw job) industry solely designed to fleece the "average" 401K investor.

Sadly, the "average" 401K investor could tell you the last 3 American Idol winners or Super Bowl Champions in their sleep. But if their life depended on it they couldn't name ONE of the toxic mutual funds devouring their 401K right now.

401Ks, Madoff, Social Security - what's the difference?

[TheG00dNews]

Kingdom

The Kingdom of God is the expression of Jehovahs universal sovereignty toward his creatures, or the means used by him to express that sovereignty. This term is used particularly to designate the manifestation of Gods sovereignty through the royal government headed by his Son, Jesus Christ. Kingdom may refer to the rulership of the one anointed as King or to the earthly realm ruled by that heavenly government.

[mathproof]

You are on the wrong site!

[tinfoilcap]

I would be curious to know how many of these older investors are in equities. If you're nearing your retirement <10 years, you shouldn't be in emerging markets small caps. Its not like we've never seen market downturns in the past.

[whovian1979]

Keep in mind that with all this finger pointing, it is the Government - politicians in Washington - that created this problem by creating the 401K industry. They are the ones standing behind, regulating, monitoring, and sanctioning this industry.

[mathproof]

I like you comment. Isn't it interesting how we forget to hold the politicians accountable?

[pef925]

Everyone who is suffering from a loss in their 401k should seek the guidance of a Financial Planner or professional Insurance agent. If you're vested in a 401k and have lost your job you can safely move these funds to a vehicle that will protect your losses, they're called Indexed Annuities. Also if you're still working and are 'vested' you may have the ability to roll your 401k while employed, it's called an In Service Distribution. Control your future people, my e-mail is: pef925@yahoo.com

[BuyNotesWithYour401K]

This is one of the reasons. People need to be educated about options and alternatives. The Banks, Wall Street, and etc. do not want people to know or understand. That they can pool there 401K, pensions, IRA together with friends, associates, and family that are like minded and take control of there life savings. You have alternatives and Wall Street does not want you to understand this. FIRE Wall Street, and get educated. You have options. NoteBuyingWithYour401K,

[mathproof]

I agree with you that people should become educated; however, it is easier said than done. The only way to do this well is for people to work through BOTH the CFA and CFP programs. An average person can easily do the CFP, but the former is quite a challenge even for people who attended the best school and studied finance. Remember, being angry doesn't make you competent!

[mtlsoul]

Hang the bankers and burn the banks

[Ruffian144]

OK excessive fees are a problem, but these people's failures to monitor & manage their 401k accounts played a role too. The stock market is so volatile that investment accounts must be checked at least weekly. And as people get closer to retirment age, a smaller portion of the 401k assets should be in equities & a larger portion in safer investments like bonds & stable income funds. I agree most 401k account owners need more education regarding managing their $.

[toublebruin]

Mutual fund lobbyists think they have to be "truth tellers" and inform people that they probably won't get their money back if they are over the age of 50....but they don't want to be "truth tellers" when it comes to the number and size of the fees being taken out each year to line their pockets.