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Reply to "100% of 401k in Vanguard S&P index - thoughts? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]401k is a scam[/quote] explain[/quote] Not PP, but there are many plans where the investment options have ridiculous fees (all in excess of 2%) and the plan serves more to benefit the investment banker that sold the plan than it does the employees. May be small businesses, may be personal relationships between officers/business owners and the investment banker, may just be a decision maker that isn't knowledgeable, but in these situations where the employees are getting screwed, it does start to look like a scam.[/quote] Even if fees are in excess of 1% that means the company is skimming off about 25-30% of your nest egg for pretty much no added cost/value, and that doesn't even count whatever "401k administration" fees that the plan is paying and the employee almost never sees.[/quote]
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