posted on May, 12 2010 @ 02:20 PM
Same with 401ks, take a "loan" on YOUR money, and you pay them interest to do it. And no, that interest does NOT go back into your account. When you
take a loan out of your 401k account, they take YOUR money (110% of the loan amount) and put it into an annuity or something similar earning a fixed
amount, they then loan you "THEIR" money at a higher rate of interest than the account they have put your money in pays out.
One of the biggest scams ever perpetrated on us, the 401k's. Timing is everything on whether you win or lose, and they make it almost impossible and/
or extremely expensive to get out of the game. Yeah I know the arguments, the stock market has the biggest historical gains, but there is more to lose
also, and a lot of buying is done when it is up, not down, and like I said, if you need out on a downslide, you are SOL..
We need to go back to higher interest rates, it rewards those who save (compounding interest in your good old fashioned savings account) and prevents
out of control spending.
[edit on 12-5-2010 by I_am_Spartacus]
[edit on 12-5-2010 by I_am_Spartacus]