Health Care, now the Internet? Next: Your 401K

[Spider]

I remember myself and others discussing this very topic, back when BR was somewhat reasonable. Now the Fed is making new moves to protect us and our 401k's.
Ripped from article:
"This proposal would lead to a number of negative consequences for individual investors, including limiting investor choice, limiting investor access to education regarding retirement accounts, and increased costs for saving," said the Securities Industry and Financial Markets Association, an industry group."

That's right. Think you have shit for choices now, suckers? lolz



http://finance.yahoo.com/news/obama-pushes-protections-retirement-accounts-125500164.html

 

[RealJorge300]

I have to agree with CRD. This isn't really news. It is something that should have happened a long time ago. There were restrictions placed on the Fiduciaries of 401(k) plans, especially after the Enron and Qualcomm implosions. But the brokers were never reigned in. This is just making sure they too are looking out for the best interest of the plan/trust/client when recommending investments. The only downside would be if the brokers start to restrict what funds/options are made available to the 401(k)'s. The law should address this as well.

 

[Spider]

Enron? Wasn't a lot of that mess from employees putting the bulk of their money in their own stock? Well guess what happens when that stock goes to zero? Education is the key. Never put all your eggs in one basket. If you draw a paycheck from company 'X', don't dump all of your $ into it. If the company goes kaput, you are fucked.

As far as fees go, just tell your worthless HR to keep shopping around for better rates.

Fewer choices are here to stay though. Best thing to do is max enough to get the boss' match then invest on your own. A Roth IRA is a great deal.

Bottomline is education on your finances... We are responsible for our future. Letting the damn camel nose further under the tent will be a bigger prob down the road.