Just watched something that was very informative on PBS Frontline called The Retirement Gamble (You can go to PBS.Org/Frontline to view this program. This program is a must watch for anyone out there who has a 401K being held by an active Mutual Fund. It explains why many hard working Americans will not have enough money to meet their retirement needs because the 401K game is rigged by the holders of the mutual funds, like JP Morgan, Citibank, and other Wall Street financial institutions. They are unregulated by the government and are not required to act as your fiduciary. (For those of us who do not know what a fiduciary is, it is an agreement between you and someone that handles a financial transaction that requires them by law to look out for your best interest.} The mutual fund industry with buying our congress out managed to block a law that would have required them to act as fiduciary when they managed your 401K account. So now they are free to rip you off. The problem is that your 401K and most of the profit that it makes for you is wiped out through unregulated hidden fees. If you saved 100,000 dollars over fifty years and paid 2% in handling fees, those fees would compound over fifty years , when you retire you would receive 35,000 dollars as the rest of your money would be absorbed in hidden fees. Many Americans do not know that. When you receive your statement it is purposely set up to confuse you and hide the fees and that is what the mutual fund industry wants to keep in their favor. so you take all the risk and they take most of your money. The Game Is Rigged and our government ( The GOP and Tea Party is helping these Wall Street Thieves to do that to us, Isnt the GOP and Tea Party wonderful? So educate yourselves about where your retirement money is going.
Posted on: Fri, 01 Nov 2013 13:07:50 +0000
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