Frontline Report on retirement

[everman]

I just thought this looked interesting, started watching the first part. Usually frontline is pretty good.
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[everman]

Wow, empoyees got the shaft while banks got paid back in cash plus interest plus fees. Attorneys made around $100 million.

edit: United Airlines

 

[ElFenix]

Originally posted by: everman
Wow, empoyees got the shaft while banks got paid back in cash plus interest plus fees. Attorneys made around $100 million.

edit: United Airlines

sucks to be an unsecured creditor in bankruptcy.

or at any other time, for that matter.

 

[everman]

^ for the afternoon/evening crowd.

 

[da loser]

it's interesting, but unremarkable. i mean if you have a pension, you have to assume the company is never going to go bankrupt. in other words only the us government is a viable pension. ie the military. perhaps it's because i'm part of the new generation. but i have no loyalty to a company. therefore a pension is not valuable to me. nor do i work extra unless it benefits me. i'm not a stakeholder, so why should i care about the company in of itself?

as far as the 401k. what i would like to see is not have your money tied to companies. have more choice. i'd rather not invest in high cost fidelity funds and move it to vanguard.

of course i'm not the focus of the documentary. it's more about people that have no clue. so for them a consultant where they pay more would be useful. for example, the person who had $120k was about to retire, left their money in stocks, then took it all out, paying 50% in tax and recieving only $26k. pure ignorance. for those type of people i could see companies hiring financial consultants to help their employees.

an interesting point was brought up that said higher earners earn a greater percentage because they're smarter. sadly, i don't think any law will improve this in a capitalist system.