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Reply to "401s are they just a big scam? Is it a new reitrement thing that hasn't stood the test of time?"
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[quote=Anonymous]It is not a scam, but it was not intended at its inception to be a "retirement" per se - just a tax-deferred savings account - and part of a "three-legged" retirement plan that includes (1) a retirement pension or "defined benefit" plan that nobody gets anymore unless you work for the government or a union, (2) social security, and (3) your 401k, IRA, thrift, Keough, and/or SEP savings accounts. 99% of people will not be able to live off their social security and 401ks unless, at the very least, they have no mortgage. My advice is to seek employment that provides some sort of pension - at least 1 spouse. One can work for the federal government for only 6 years and get a retirement I believe. That being said, the best advice is to put THE MAX into your 401k. Good luck! [/quote]
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