Ever notice how it's haram in US politics to suggest anything that would end up fucking with peoples (managers) 401k's, yet it's perfectly acceptable to be open about having social security and medicare not exist in 20 years?
Like its OK to argue for policy that fucks with the retirement of the poor, the young, and the disabled, but we can't do anything about the economy cause it would effect stocks which would effect 401ks which is largely for people above the working class.
I don’t really know what a 401k is, but for my context I’ll say this: The financialisation and privatisation of everyones pensions gives us all a personal material reliance on the success of capitalism. There’s a decent chance that the state pension won’t exist by the time I retire (or the qualifying age will be pushed well into the 80s), so we have save the money ourselves - and as I’m not paid enough to ever afford retirement, I have to put the money into investments to cover the shortfall, actively propping up & growing the capitalist system.
Basically it’s a project to link our lives to the eternal expansion of the market
401k is just a program that locks your retirement money into the stock market in exchange for some tax breaks. You can contribute up to 18k/yr into an account. Since this is ore-tax you lower your tax burden. Then you get taxed on the money when you take it out in retirement, but with more tax breaks again. It’s a rich persons retirement plan.
That’s what we get instead of pensions. A really shitty savings program that most people can’t afford to use. They use this farce to justify equating the stock market with the economy.
Ah, ok sounds like the same thing as a personal pension. It’s basically the only type that exists here anymore - The old style has been mostly replaced. It’s going to be such a disaster when my generation reaches retirement age
Yea it's honestly fucked up how swaths of people's "jobs" are to pick and choose what gambles to take with the money set aside to care for a person so they can enjoy life rather than work. It's too communist to just ensure that people can stop working and live
Ever notice how it's haram in US politics to suggest anything that would end up fucking with peoples (managers) 401k's, yet it's perfectly acceptable to be open about having social security and medicare not exist in 20 years?
Like its OK to argue for policy that fucks with the retirement of the poor, the young, and the disabled, but we can't do anything about the economy cause it would effect stocks which would effect 401ks which is largely for people above the working class.
I don’t really know what a 401k is, but for my context I’ll say this: The financialisation and privatisation of everyones pensions gives us all a personal material reliance on the success of capitalism. There’s a decent chance that the state pension won’t exist by the time I retire (or the qualifying age will be pushed well into the 80s), so we have save the money ourselves - and as I’m not paid enough to ever afford retirement, I have to put the money into investments to cover the shortfall, actively propping up & growing the capitalist system.
Basically it’s a project to link our lives to the eternal expansion of the market
401k is just a program that locks your retirement money into the stock market in exchange for some tax breaks. You can contribute up to 18k/yr into an account. Since this is ore-tax you lower your tax burden. Then you get taxed on the money when you take it out in retirement, but with more tax breaks again. It’s a rich persons retirement plan.
That’s what we get instead of pensions. A really shitty savings program that most people can’t afford to use. They use this farce to justify equating the stock market with the economy.
Ah, ok sounds like the same thing as a personal pension. It’s basically the only type that exists here anymore - The old style has been mostly replaced. It’s going to be such a disaster when my generation reaches retirement age
Oh yeah, it's just going great. https://www.cnbc.com/2018/07/17/ideal-retirement-age-for-millennials.html
Yea it's honestly fucked up how swaths of people's "jobs" are to pick and choose what gambles to take with the money set aside to care for a person so they can enjoy life rather than work. It's too communist to just ensure that people can stop working and live