The real losers are the generation coming to the jobs market now. The boomer generation have mishandled the economy, been greedy beyond belief, stolen the futures of the younger generation and now are taking the jobs that should be for the younger generation. Why don't they just downsize?
Thanks boomers for overpopulating the country and trashing the future.
funny thing is people just think this is the way it has to be... the federal reserve created the bubble and gives the wealthy all the money while these poor suckers grovel for jobs... welcome to the new America.
RESTORING THE AMERICAN DREAM : Search for free millions of jobs on the largest #1 job site worldwide, with over 50 million unique visitors and 1 billion job searches per month and is available in more than 50 countries and 26 languages, covering 94% of global GDP. We have jobs in every state county and city in the US. Plus job and resume posting. Find the job that interest you today.
To get started just Google ( Jobs Linked To You ) then start seraching millions of jobs.
My husband quit his job so that he could cash out his 401k in order for us to survive for the next yr, w/out cashing it out we'd be homeless by the end of this yr, now we've been given an extra year to buy groceries, get heat in the house, clothing-the basics & hopefully for us to get a better job, i t was our last ditch effort, we have nothing else after this. His payment from his 401k is actually more money per yr than he was getting paid at his job
That's why you should get the IUL. You can start awhile young and your money can compound for you. Indexes are alot more safer that any account tie in to the stock market. Good luck with everyone out there. I wish you all retire rich. =)
sold all my investments in december of 2007 and recently sold off my roth ira in june. I can say that my instincts have been dead on. I am blessed...seeing this video is tough i will pray for them.
Doubled Mine...via cef...silver and gold stock. Don't buy all this BS. As for career...building a guild and leveraging my tech. skills. Get ready to work the rest of your life. Time to get into software creation.
If those people that lost half of their 401ks 2 years AGO!! Should have NEVER pulled it out. Markets go up and Markets go down.... Its how money is made. IF YOUR IN YOUR 50's put your money in a low risk fund!!! IDIOTS!!! I STILL WOULD TAKE 401k over social security anyday!!
@mistermassive1 Damn yeah they do lie all the time. Your right and I have been at this now closing on 20 years. Well they will wake one way or another when the fighting comes to the states. Things in America are going to go totally insane for a while. Live free my friend or die trying!
@mistermassive1 well at least Bushes drunken simple minded moron ass came out and was honest. He said we are going to war we will kill and so forth. Obama how ever said we are not and did it anyways. Yup the train wreck called bush still looks better. My opinion is you will not have a pres worth a crap for some time. Not until people look to new places and new faces to put in the office. time to bring back the Constitution and hang the bums.
That woman Kathleen really got to me, the poor thing had me in tears. I hope she's doing better and has finally found work. If I had a business, she'd be offered a job in a heartbeat. People like that are hard to come by.
@hojoleon What are you talking about? By stupid, you mean looking the other way while their Wall Street friends rape the economy and reap the profits from it. Then yes, they share some of the blame. Unfortunately, most government workers are EX-Wall Street employees so nothing will change.
The woman in the video did finally get a job thankfully.
I think the 401k investors have a case against the 401K for-profit organisation. The latter cannot say it is fault of the investors for investing in stocks. the fault her is the 401K is designed like that.. They should have built in compulsory risk management tools lie "put option" for those investing more than 25% in stocks. I think investors must sue the 401k organisation. The person who was interviewed in this video tells the usual lie that is"we are not at fault."
The fall of the American middle class who are the work horse, started with the regin of joker president bush. he spent trillions on Iraq war. instead of saddm he should've finished wallstreet and then armed with weapons he should have plundered Libya gaddafi the real criminal.America govt owes $15 trillion in debts to various countries. Plus they have $70 trillion in debts for future payments i.e. unfunded liabilities.on health,social security etc. god knows what else. i am not american.
@assh0le911 I find it ironic that you blamed Bush for America's problems but you didn't say a single word about Obama. The truth is, Obama broke his promise to bring the troops home, and he broke his promise to balance America's budget. I could go on and on all day but I'll refrain. The fact of the matter is, Bush was not the best president, but compared to Obama, Bush looks a hell of a lot better. Obama's already outspent Bush by TRILLIONS and he's only been in office for three years.
it's funny...Glenn Beck has white folks calling themselves Real Americans..having them call Obama a Hitler and a Nigger...but no Niggers took a 401K from any of these people. No Niggers took any jobs from these people...no Niggers crashed the economy.
Look to those in Goldman and Sachs....this is the fleecing of America. See what your own can do to you eh?
401(k)'s are great vehicles to save for retirement. What else can you save BEFORE tax, grow tax deferred, and have someone else give you FREE money?
The problem WAS what people were investing in. While the market went up & everyone was making SICK money EVERYONE was happy. When it started to go down MOST were to greedy to CHANGE the investment to a more conservative product INSIDE the 401 (k). If you WANT to make money when the market goes up & not lose when it goes down ask:
I had only been contributing to a 401k for about 11 months when I lost my job (recent college grad). I withdrew the money to live on and supplement UI benefits. After hearing about these losses for longtime contributors, I will never trust the market again. I will put money in a savings account and never a 401k again.
I am so sick of lobbyists screwing the American taxpayers for their own special interests. At least the lobbyist in this story clearly had no dental insurance.
I think a reality people need to face, more of a lesson for younger people...unless you make alot of money you can't buy things (new cars, big house, etc). Just save your money your entire life, invest in low yield bonds, drive 10 year old used Toyotas, dont get cable tv, shop at the dollar store.
Certainly I'm a 23 year old college grad saddled with student loan debt. I had an engineering job but quit to move out to Colorado to find happiness (which I have). I'm having a hard time getting a job that can pay off this debt quickly. I think there is some silver lining here as it'll be a lesson for me my entire life. Don't ever borrow money unless absolutely necessary (medical emergency or something).
I never realized that 401Ks were not set up as retirement accounts at its onset. I'm outraged to see that it is evolved and been exploited by Wall Street over time. It all goes to show you how GREEDY people can be .. and that's very sad.
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 ?)
Looking for the answers to prosper in near future when the prices are rising? Come and visit me! The saving boat is here for you or God will rescue You? It`s Up to you.
@TSR144 There is something out there that has a lot more stability but yet is ale to get you a good return. email me at gdeandrade@me.com and i can send you some links and info.
The bottom line is if you are invested in the stock market and you can't afford to lose. You are a damn fool. All this shit they tell everybody about the market over the long term was shit that applied in the last century before 2000. These Wall Street guys have turn the whole thing into a casino. It's complete bullshit now. Take your money and kept it in the bank or a money market account and take the shitty interest they are paying & just leave it there. You won't make shit or lose shit.
@samwell5558 Thats the worse advice you can give. Mr smart guy 1 -155 active funds make money. Plus this is were all the hidden fees come from you will pay 10 times the number you should be. Yes this is what the financial services want you to think. Your stragety is what just got everyone in trouble there in no such thing as timing the market you will always lose. You need a professional Fiduciary running your 401k not the finanical services with a ton of conflicts of interest.
@ladivadivala I was the one who got 60 mintues to do this story no roth 401k will still have hidden fees. Its the 401k itself they sell it as a product when it should not be. There is many great 401k plans out there with no hidden cost
401k, IRA, Annuities....they are all WEALTH STEALERS designed by the Govt to maximize tax income. You can still retire more than comfortably with TAX-FREE income even if you are 50-60 today. These are not SAVINGS tools, they are based on the markets and are INVESTMENT tools, which means high risk. "Tax Deferred" just means the govt is willing to give up a little bit of tax today for a higher tax amount later. Would you rather pay tax on the seed or the harvest? youcanbeabank . com
These 50-60 year olds who were planning to retire soon should have had their money in the fixed income/bond,MMA funds in their 401K. Far too many people just don't understand simple investment 101. The nearer you are to retirement the less risk you take by placing more of your assets into bonds and less into stocks.
You're company is doing a great step in the right direction. With taxes earmarked for skyrocketing, the Tax Free Benefit of the Roth is essential. if you can do a Roth Fixed Indexed Annuity, that would be best. If not, remember "slow and steady wins the race". Don't risk and go for high returns.
If you invest in FIXED cash accumulation vehicles like Fixed Indexed Annuities, and Properly Structured Maximum Tax Advantaged Life Insurance Contracts, AND 412(e)(3) defined benefit pension plans, you can ABSOLUTELY GUARANTEE your principle, your interest, and your secure retirement. ABSOLUTELY ! Nice Job 60 Minutes ! :)
I'm glad I cashed out my 401k alot of the older guys I work with have lost at least 50% of there retirement money. Giving your retirement money to wall street is gross negligence wake up ! people.
Its better to contribute to a 401K roth! Diverify, difversify is the key to sucess, americans, there are other options you can role your 401K acounts to.
Then they should put pressure on their 401k managers. Most at least have a capitol preservation option, similar to cash. At one former employer, we not only forced better fund options, we made the employer dump the current provider.
Joining Primerica is a good plan! Look into Roth IRA!
Goodwillwin1 1 week ago
hola, no entiendo porque no se ven mas definidas las cosaas
yaygare 4 weeks ago
Comment removed
wonglee2424 3 months ago
David Ray is the perfect example of a lobbyist. I loved watching him dance around those questions and squirm.
Fingolfin3423 3 months ago 2
The real losers are the generation coming to the jobs market now. The boomer generation have mishandled the economy, been greedy beyond belief, stolen the futures of the younger generation and now are taking the jobs that should be for the younger generation. Why don't they just downsize?
Thanks boomers for overpopulating the country and trashing the future.
jefffay 3 months ago
Comment removed
joshfrmn 4 months ago
funny thing is people just think this is the way it has to be... the federal reserve created the bubble and gives the wealthy all the money while these poor suckers grovel for jobs... welcome to the new America.
jackooboy1 4 months ago
Occupy Wall Street &
force them to give back
all the money stolen from the workers from the 401k's.
Transfer all money out of the big banks now.
Youtube: paul8kangas
paul8kangas 4 months ago
Occupy Wall Street &
force them to give back
all the money stolen from the workers from the 401k's.
Transfer all money out of the big banks now.
paul8kangas 4 months ago
RESTORING THE AMERICAN DREAM : Search for free millions of jobs on the largest #1 job site worldwide, with over 50 million unique visitors and 1 billion job searches per month and is available in more than 50 countries and 26 languages, covering 94% of global GDP. We have jobs in every state county and city in the US. Plus job and resume posting. Find the job that interest you today.
To get started just Google ( Jobs Linked To You ) then start seraching millions of jobs.
robvar83 4 months ago
My husband quit his job so that he could cash out his 401k in order for us to survive for the next yr, w/out cashing it out we'd be homeless by the end of this yr, now we've been given an extra year to buy groceries, get heat in the house, clothing-the basics & hopefully for us to get a better job, i t was our last ditch effort, we have nothing else after this. His payment from his 401k is actually more money per yr than he was getting paid at his job
Anglynn74 4 months ago
@nangaaparbat if you watch scarface you will understand who is behind the curtain
uhrealnigga1 5 months ago
That's why you should get the IUL. You can start awhile young and your money can compound for you. Indexes are alot more safer that any account tie in to the stock market. Good luck with everyone out there. I wish you all retire rich. =)
Eugene012 5 months ago
sold all my investments in december of 2007 and recently sold off my roth ira in june. I can say that my instincts have been dead on. I am blessed...seeing this video is tough i will pray for them.
jvaldez5 7 months ago
Doubled Mine...via cef...silver and gold stock. Don't buy all this BS. As for career...building a guild and leveraging my tech. skills. Get ready to work the rest of your life. Time to get into software creation.
GlobalCodeGuild 7 months ago
Doubled Mine...via cef...silver and gold stock. Don't buy all this BS.
GlobalCodeGuild 7 months ago
If those people that lost half of their 401ks 2 years AGO!! Should have NEVER pulled it out. Markets go up and Markets go down.... Its how money is made. IF YOUR IN YOUR 50's put your money in a low risk fund!!! IDIOTS!!! I STILL WOULD TAKE 401k over social security anyday!!
Mcgatord 7 months ago
@mistermassive1 Damn yeah they do lie all the time. Your right and I have been at this now closing on 20 years. Well they will wake one way or another when the fighting comes to the states. Things in America are going to go totally insane for a while. Live free my friend or die trying!
Edgrot 8 months ago
@mistermassive1 well at least Bushes drunken simple minded moron ass came out and was honest. He said we are going to war we will kill and so forth. Obama how ever said we are not and did it anyways. Yup the train wreck called bush still looks better. My opinion is you will not have a pres worth a crap for some time. Not until people look to new places and new faces to put in the office. time to bring back the Constitution and hang the bums.
Edgrot 8 months ago
That woman Kathleen really got to me, the poor thing had me in tears. I hope she's doing better and has finally found work. If I had a business, she'd be offered a job in a heartbeat. People like that are hard to come by.
09Chance 9 months ago
when the govt does something stupid and makes the market crash and cause the 401k collapse than they are resp
hojoleon 10 months ago
@hojoleon What are you talking about? By stupid, you mean looking the other way while their Wall Street friends rape the economy and reap the profits from it. Then yes, they share some of the blame. Unfortunately, most government workers are EX-Wall Street employees so nothing will change.
The woman in the video did finally get a job thankfully.
G7130 10 months ago
i was actually at this job fare. and i actually remember some of those people and there story was really sad.
hojoleon 10 months ago
This has been flagged as spam show
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850Nexus 10 months ago
This has been flagged as spam show
Nice job on the video looks good. When you have time come visit my channel!
chocolatediet11 10 months ago
Nice job on the video looks good. When you have time come visit my channel!
pheromoneaction 10 months ago
Nice job on the video looks good. When you have time come visit my channel!
TheHcgdietplan 10 months ago
I think the 401k investors have a case against the 401K for-profit organisation. The latter cannot say it is fault of the investors for investing in stocks. the fault her is the 401K is designed like that.. They should have built in compulsory risk management tools lie "put option" for those investing more than 25% in stocks. I think investors must sue the 401k organisation. The person who was interviewed in this video tells the usual lie that is"we are not at fault."
assh0le911 1 year ago
The fall of the American middle class who are the work horse, started with the regin of joker president bush. he spent trillions on Iraq war. instead of saddm he should've finished wallstreet and then armed with weapons he should have plundered Libya gaddafi the real criminal.America govt owes $15 trillion in debts to various countries. Plus they have $70 trillion in debts for future payments i.e. unfunded liabilities.on health,social security etc. god knows what else. i am not american.
assh0le911 1 year ago
@assh0le911 I find it ironic that you blamed Bush for America's problems but you didn't say a single word about Obama. The truth is, Obama broke his promise to bring the troops home, and he broke his promise to balance America's budget. I could go on and on all day but I'll refrain. The fact of the matter is, Bush was not the best president, but compared to Obama, Bush looks a hell of a lot better. Obama's already outspent Bush by TRILLIONS and he's only been in office for three years.
09Chance 9 months ago
it's funny...Glenn Beck has white folks calling themselves Real Americans..having them call Obama a Hitler and a Nigger...but no Niggers took a 401K from any of these people. No Niggers took any jobs from these people...no Niggers crashed the economy.
Look to those in Goldman and Sachs....this is the fleecing of America. See what your own can do to you eh?
Piroplayer 1 year ago
BUT IT DID COME BACK!
matthewelync 1 year ago
Knowledge IS Power.
401(k)'s are great vehicles to save for retirement. What else can you save BEFORE tax, grow tax deferred, and have someone else give you FREE money?
The problem WAS what people were investing in. While the market went up & everyone was making SICK money EVERYONE was happy. When it started to go down MOST were to greedy to CHANGE the investment to a more conservative product INSIDE the 401 (k). If you WANT to make money when the market goes up & not lose when it goes down ask:
Delparm 1 year ago
Oh and fuck that 401k lobbyist. What a fucking crook.
TrojanMike60 1 year ago
I had only been contributing to a 401k for about 11 months when I lost my job (recent college grad). I withdrew the money to live on and supplement UI benefits. After hearing about these losses for longtime contributors, I will never trust the market again. I will put money in a savings account and never a 401k again.
TrojanMike60 1 year ago
I am so sick of lobbyists screwing the American taxpayers for their own special interests. At least the lobbyist in this story clearly had no dental insurance.
plopsmom 1 year ago 2
I think a reality people need to face, more of a lesson for younger people...unless you make alot of money you can't buy things (new cars, big house, etc). Just save your money your entire life, invest in low yield bonds, drive 10 year old used Toyotas, dont get cable tv, shop at the dollar store.
jebenn23 1 year ago
@jebenn23 This is best advice, I'm about 10 years away from retirement and I live as frugal as one can.
daniel213141 10 months ago
@daniel213141
Certainly I'm a 23 year old college grad saddled with student loan debt. I had an engineering job but quit to move out to Colorado to find happiness (which I have). I'm having a hard time getting a job that can pay off this debt quickly. I think there is some silver lining here as it'll be a lesson for me my entire life. Don't ever borrow money unless absolutely necessary (medical emergency or something).
jebenn23 10 months ago
I never realized that 401Ks were not set up as retirement accounts at its onset. I'm outraged to see that it is evolved and been exploited by Wall Street over time. It all goes to show you how GREEDY people can be .. and that's very sad.
hawaiiansistah 1 year ago
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" ?
Flyyyy 1 year ago
Alternatives... Contact for free information kit!
Email me at FFS@PLANSAFELY.C
MrHDFIV1 1 year ago
OM
MrHDFIV1 1 year ago
Trust no one. If their lips are moving... they are lying.
george6900 1 year ago 2
Looking for the answers to prosper in near future when the prices are rising? Come and visit me! The saving boat is here for you or God will rescue You? It`s Up to you.
goldenmind8 1 year ago
Everything is a scam now a days!!! Im 25 and I won't be getting a 401k... What else is out there?
TSR144 1 year ago
@TSR144 There is something out there that has a lot more stability but yet is ale to get you a good return. email me at gdeandrade@me.com and i can send you some links and info.
tegaeagles2 1 year ago
@TSR144 Buy physical silver. Very serious.
73cupcake 1 year ago
The bottom line is if you are invested in the stock market and you can't afford to lose. You are a damn fool. All this shit they tell everybody about the market over the long term was shit that applied in the last century before 2000. These Wall Street guys have turn the whole thing into a casino. It's complete bullshit now. Take your money and kept it in the bank or a money market account and take the shitty interest they are paying & just leave it there. You won't make shit or lose shit.
Debonair73 1 year ago
WOW
mizz31 1 year ago
So the slogan from the industry lobbyist is: "Your 401k... Don't count on it!"
Wonderful.
zevgreen 1 year ago
@samwell5558 by the way lets move our moeny out after it tanks is like buying a lotto ticket with the winning numbers of yesterday.
TheRounder1980 1 year ago
@samwell5558 Thats the worse advice you can give. Mr smart guy 1 -155 active funds make money. Plus this is were all the hidden fees come from you will pay 10 times the number you should be. Yes this is what the financial services want you to think. Your stragety is what just got everyone in trouble there in no such thing as timing the market you will always lose. You need a professional Fiduciary running your 401k not the finanical services with a ton of conflicts of interest.
TheRounder1980 1 year ago
@ladivadivala I was the one who got 60 mintues to do this story no roth 401k will still have hidden fees. Its the 401k itself they sell it as a product when it should not be. There is many great 401k plans out there with no hidden cost
TheRounder1980 1 year ago
401k, IRA, Annuities....they are all WEALTH STEALERS designed by the Govt to maximize tax income. You can still retire more than comfortably with TAX-FREE income even if you are 50-60 today. These are not SAVINGS tools, they are based on the markets and are INVESTMENT tools, which means high risk. "Tax Deferred" just means the govt is willing to give up a little bit of tax today for a higher tax amount later. Would you rather pay tax on the seed or the harvest? youcanbeabank . com
lerxstrulz 1 year ago
These 50-60 year olds who were planning to retire soon should have had their money in the fixed income/bond,MMA funds in their 401K. Far too many people just don't understand simple investment 101. The nearer you are to retirement the less risk you take by placing more of your assets into bonds and less into stocks.
wqvsaa 1 year ago
You're company is doing a great step in the right direction. With taxes earmarked for skyrocketing, the Tax Free Benefit of the Roth is essential. if you can do a Roth Fixed Indexed Annuity, that would be best. If not, remember "slow and steady wins the race". Don't risk and go for high returns.
elvisincali 2 years ago
If you invest in FIXED cash accumulation vehicles like Fixed Indexed Annuities, and Properly Structured Maximum Tax Advantaged Life Insurance Contracts, AND 412(e)(3) defined benefit pension plans, you can ABSOLUTELY GUARANTEE your principle, your interest, and your secure retirement. ABSOLUTELY ! Nice Job 60 Minutes ! :)
elvisincali 2 years ago
I'm glad I cashed out my 401k alot of the older guys I work with have lost at least 50% of there retirement money. Giving your retirement money to wall street is gross negligence wake up ! people.
DIJV79 2 years ago
This should be enough to scare anyone. I am glad I invest a IUL! If your watching this you should consider it as well. E-mail me for details!!!
love559kali 2 years ago
Its better to contribute to a 401K roth! Diverify, difversify is the key to sucess, americans, there are other options you can role your 401K acounts to.
112112paul 2 years ago
You our really missing it
401kmaster 2 years ago
I provided this story
401kmaster 2 years ago
Then they should put pressure on their 401k managers. Most at least have a capitol preservation option, similar to cash. At one former employer, we not only forced better fund options, we made the employer dump the current provider.
ropeman86 2 years ago
You guys still out missing it
401kmaster 2 years ago
Why do people stay in funds that drop so much money? Duh. Cycle out of the and into cash, don't just shut your eyes.
ropeman86 2 years ago
Most 401ks don't allow you to move into cash. Idiot.
iralell 2 years ago
there are penalites if you take out money from 401k before he reach 59 1/2. plus, when you do reach that age and retire, you still get tax.
dizzao 2 years ago
I provided this story any questions i can help
401kmaster 2 years ago