follow Patrick following
follow Patrick 2018 Jan 12, 3:07pm
2,234 views 16 comments
So in order to take advantage of the 401k plan, you have to pay 3% to Nationwide for doing basically nothing. If the fund returns, say, 2% one year, you not only get nothing, you paid 1% to get nothing because Nationwide stole all your profits and then some.I'm confident we can track this kind of highway robbery back to donations to certain Congressmen. Maybe all of them.
Defeats the purpose of tax benefits. Cheaper to just pay the tax in some cases.
I'm confident we can track this kind of highway robbery back to donations to certain Congressmen. Maybe all of them.
At a start-up I worked at I took charge of the 410k program and got us out of high fee and underperforming Oppenheimer funds into a more reasonable plan. The HR guy was clueless and easily duped by the 401k sales people. But once I pointed out the shitty plan, there was no resistance to change it. No conspiracy, just a decision maker out of his element.