Forum Post: 401k
Posted 13 years ago on Oct. 19, 2011, 3:38 p.m. EST by skeptiq
(15)
This content is user submitted and not an official statement
Those that are involved in the OWS movement that do have jobs with retirement accounts and 401k's what are your thoughts on that money?
Are you going take that money out of the system? Reason being, if you have a 401k, chances are that money is invested in big banks, big oil, big everything...
I see a great deal of posts regarding taking money out of the big banks, but what are you going to do with that money? I would venture a guess and say something like that would have a much larger impact than most bank accounts. Also, you would be helping the government since if you take money out of a 401k early, you are hit with a tax penalty... Two birds with one stone, you get that money out of big bad corporations and you help increase the tax revenue stream so we can pay for broken social programs... Win win for you guys, right???
No. Business is must in all society. Investment vehicles are a means to promote self preservation. I will not take my money out as owning stocks and securities are a way of supporting Americans infrastruce and innovation. We have evolved from bartering as community neighbors into barteing as global neighbors. My thoughts on 401Ks is that it needs some regulation changes for the people that need immediate releif. Allowing people to roll under their loans based on a set of guidlines that would free up loan payments for those who need it. In other words allow an existing loan be paid with whats left over in a 401K account to eliminate payments. Reducing the penalties and interest and mandate a set contribution for a period of time. The second point would be to allow an individual to use his account as a sort of collateral credit. Setting rules that limit how far they can take the value of an account to and also allowing a mandated contibution to select this type of account. In other words no matter how much money your allowed to spend the input is always greater than the output and the base value must rise year over year to keep this type of account. It would promote consumerism and allow for a greater tax stream to the states and federal systems. It would also promote job growth and if done right still allow for a moderate to large nest egg if one is a decent worker.
Credit Unions are people too
of course, not just 401K.... teacher pensions, railroad pensions, 529 college plans... and don't forget things like corporate foundations that sponsors art and cultural events.