60 minutes had an interesting story about the trillions of dollars being sucked out of everyone's 401(k)s. It looks like the 401(k) was supposed to be a 'no guarantees' supplement to a regular retirement plan. In a regular retirement plan, the company matches the money you put aside for retirement but because the potential is greater for 401(k)s and the burden on the company is less, they just started selling them as their retirement plan. Now there are tons of ex-retirees competing with all the younger applicants for the jobs that don't exist.
Well, there's always Social Security, right? Of course that's only if you really believe in a system that depends on the human population growing exponentially for eternity; a system that was created when the average life expectancy was 65 plus about 10 years. I have about as much faith in a 401(k). Today's message from tomorroworld is that this generation will live longer than the last and be bigger than the next...
I thought it was interesting that a story about cold fusion came just after the 401(k) story as both of these issues deal with getting more out of something than you put in. Beware the futures of money AND power.
4/21/2009
I'll Work Until I Die (poor).
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