brip blap - Latest Comments in Why automatic enrollment in 401(k)s might not always be for the best

Re: Why automatic enrollment in 401(k)s might not always be for the best

Susan Ciconte — Sun, 04 May 2008 19:24:59 -0000

I have some real issues with employers automatically signing up employees for the company's administered 401K plans. 401K is based on the stock market. And, frankly, that just doesn't sit very well with me. I don't like losing money, and frankly, just don't gamble. So, I live more cheaply and economically. Employers these days, especially in corporate America, don't, as you say, want to be responsible for someone's retirement (like it used to be in the past with good employers who provided defined benefit contributions). Instead, they need to pay their CEOs $50 billion a year. For those reasons, I opt out of these automatic enrollment plans, and demand that the employer opt me out. No employer is going to tell me where and how I am to invest my money, just like no stock broker is going to call me and tell me where I should invest $5000, only to lose $2500 of it within three months. If I am going to lose money, it will be at my hand and no one else's.

Re: Why automatic enrollment in 401(k)s might not always be for the best

FourPillars — Tue, 24 Jul 2007 23:02:58 -0000

I couldn't leave a comment on the right post but I loved the "man on the moon" post.

We used to steal larger monitors from cubicles of people who left the company and of course were always afraid we'd be caught.

Mike

Re: Why automatic enrollment in 401(k)s might not always be for the best

SavingDiva — Tue, 24 Jul 2007 15:28:19 -0000

I guess the government is hoping to catch the lazy people that forget to sign up for the retirement plan with this program. I think employers should just do a better job of educating employees on their retirement benefits. I also think that people should educate themselves! However, I doubt that will happen.