The father of the 401k, Ted Benna, who created a vehicle that now holds more than $5 TRILLION dollars of Americans’ retirement money believes we should wipe away the whole thing. He believes in 401k’s. He doesn’t believe in the structure which is intended to create fees for companies who administer these plans. He also believes that Americans are not prepared to make investment decisions that are required in the use of 401k’s.
Americans are about to get clobbered again because they do not understand the ebb and flow of the markets. You cannot build a successful financial and retirement future if you lose and make it back and lose and make it back again.
I believe there are better strategies of never losing and taking advantage when opportunities present themselves.
See more in the Barron’s article, The Inventor of the 401(k) Thinks It Has Gone Awry.
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