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Re: 401k.10% early withdrawl penalty? Who gets it?


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Posted by 730d se on September 16, 2011 at 04:54:06 from (68.189.186.87):

In Reply to: Re: 401k.10% early withdrawl penalty? Who gets it? posted by Traditional Farmer on September 16, 2011 at 04:34:27:

One of the reasons that buildings will topple or become unstable is if too much weight is at the top. That is what has happened to many companies that were once stellar work places for long term employment which was the backbone of America's economy.
Where did the money go? Back in the early 1980's, people with "influence" helped pass the 401K plan. The 401K name comes right from the IRS rules. It was "sold" to us as another or supplemental retirement plan. What really happened? Companies gradually turned the 401k in to the ONLY retirement plan outside of SSand personal savings. That money went in the pockets of the top officiers in companies.
Greed is killing us.
Between many jobs being dissolved or sent to foreign countries, and our own top officers raiding retirement funds and shutting down the old plans, they have slowly but surely made us and our dollar almost worthless.
We can only hope that the few that end up with most of the money will find it useless and cannot buy anything.


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