Actually, 401(k)'s WERE sold to both employers AND employees as a replacement for conventional fixed-benefit pensions. Now, IRA's were originally sold to us as a way to supplement retirement income, not replace it.
But originally, IRA's weren't sold as investments in stocks; during the Jimmy Carter administration, IRA's were being pushed by banks and savings-and-loans as a vehicle to sell certificates of deposit. It was only in the 1980's that stock-based IRA's and 401(k)'s were being pushed. And one ex-employer set up his 401(k) program with what he called "discretionary profit-sharing contributions," which meant that he didn't have to contribute squat...and he didn't.
In 2005,when the frame factory where I'd worked for 5 years closed--primarily due to Ford pressuring them to cut their price on the frames at a time when steel prices were nearly doubling--I thought I might be seeing some handwriting on the wall...and I put all my 401(k) in the bank. I haven't doubled my money; I've hardly made anything...but I haven't lost a thing to a falling stock market, except what inflation has taken. I learned that lesson between October 2000 and October 2002, and when my one from a previous 401(k) finally broke even, I cashed out and went to the bank with it.
Know what? I just got lucky. I thought I saw something coming, but I could've just as easily been wrong and lost all kinds of growth over the past three years.
I've still got whole life insurance, too...in case they want to have a funeral when I pass. The financial gurus say you don't want whole life, you need to have term. My grandmother is 97 and still going; can you imagine what term insurance would cost at that age, if you could even get it? [I know, the gurus say "buy term and invest the difference"...and look at where those investments are going these days...so they may as well be saying "buy term and throw away the difference," IMHO.]
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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