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[parispundit]

In fact, I heard just today that Ted Benna, the person who invented the 401K thinks it is a debacle and wants to go with another system of saving for retirement.  Here is a link: http://www.cbsnews.com/stories/2009/06/23/eveningnews/main5108012.shtml



 

Well, having read the article, Benna does NOT say we should give up the 401K. He does not have another solution to saving for retirement. He thinks we should all expect to work til we die.

Sorry, that was an older article.  Here is the recent one from yesterday where he says he would now "blow up the 401k and start with something new." 

http://hinterlandgazette.com/2011/11/401k-father-ted-benna-thinks-created-monster.html?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+HinterlandGazette+(The+Hinterland+Gazette)

He says: The plans, which he intended to be as simple for employees as pensions, now offer  too many investing options and too many opportunities to make mistakes, he says. “I would blow up the system and restart with something totally different,” he told SmartMoney.com. “Blowing up the existing structures is the only way we can simplify them.”

In other words, let us limit choices because idiots can't handle them. This is the attitude that drives many people to libertarianism.

[august]

In fact, I heard just today that Ted Benna, the person who invented the 401K thinks it is a debacle and wants to go with another system of saving for retirement.  Here is a link: http://www.cbsnews.com/stories/2009/06/23/eveningnews/main5108012.shtml



 

Well, having read the article, Benna does NOT say we should give up the 401K. He does not have another solution to saving for retirement. He thinks we should all expect to work til we die.

Sorry, that was an older article.  Here is the recent one from yesterday where he says he would now "blow up the 401k and start with something new." 

http://hinterlandgazette.com/2011/11/401k-father-ted-benna-thinks-created-monster.html?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+HinterlandGazette+(The+Hinterland+Gazette)

He says: The plans, which he intended to be as simple for employees as pensions, now offer  too many investing options and too many opportunities to make mistakes, he says. “I would blow up the system and restart with something totally different,” he told SmartMoney.com. “Blowing up the existing structures is the only way we can simplify them.”

In other words, let us limit choices because idiots can't handle them. This is the attitude that drives many people to libertarianism.

He does seem to dislike his 401k plan for the reason you state, that is, he thinks too many choices cause people to make idiotic mistakes.  That seems like a strange reason to want to get rid of the 401k.  How about this reason: because the system on which it is derivative is finally coming to an end.  That seems like a better reason to look for alternative retirement plans to me.  I am not relying on my 401k to be my retirement.  I have my kids for that...   :) 

[pedanterast]

Somewhere around 10% of the US population is capable of saving, investing, and planning for their own retirement.  I agree most 401k plans have too many choices rather than too few.  Because not everyone is educated and talented in the areas of saving, investing, and retirement planning, programs such as Social Security are attractive from an overall societal standpoint.  I would be fine with eliminating the bend points, which comprise the wealth transfer aspect of the system.

Otherwise what do you want to do, just kill old people when they run out of money?

[clean]

just kill old people when they run out of money

and reduce the surplus population.

[prof_smartypants]

just kill old people when they run out of money

and reduce the surplus population.

http://www.youtube.com/watch?v=8Sp-VFBbjpE

[august]

just kill old people when they run out of money

and reduce the surplus population.

http://www.youtube.com/watch?v=8Sp-VFBbjpE

Yikes!  I just read the wikipedia article on this movie and it scared the h*** out of me!  Released in 1973, this could be today...  except for the eating people part... (wait, I eat spirulina...ahhhhh)

[pedanterast]

I haven't even clicked on the links and I think you are talking about Soylent Green, which I think was Edward G. Robinson's last product.  I saw this movie (when it first came out) with a "Fresh Air Kid" if anyone knows what that is all about.  He said it would end up being "Soylent Brown."

[clean]

(My reference was to "A Christmas Carrol" ... Ebeneezer said it...)

But Soylent Green or zombie or cannibal references are apt too. 

Make sure that there are lots of retired folks on any flight you take with a soccer team over the Andies.

[august]

 
Make sure that there are lots of retired folks on any flight you take with a soccer team over the Andies.
[/quote

That was also a great film!