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Black rock CEO admits 401k plans have failed


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2013 May 7, 11:17am   626 views  2 comments

by tovarichpeter   ➕follow (6)   💰tip   ignore  

http://finance.fortune.cnn.com/2013/05/07/larry-finks-radical-retirement/

BlackRock Inc. chief executive Larry Fink said during a speech Tuesday that longer life spans and underfunded retirement plans are the defining challenge of our age, and went so far as to recommend that the U.S. consider making retirement savings mandatory. Fink acknowledged that retirement under-funding is not a new issue, but times have changed and the problem has become more pressing. "We're at a point now where the interest rate cycle makes it very difficult [for investors to save]," he said, during remarks delivered to a group ofNYU Stern business school students.

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1   justme   2013 May 7, 12:19pm  

In other words, Larry Fink "admits" (how grand of him) that self-directed pension savings are failing because he has a profit-making hidden agenda:

1. Fink wants MANDATORY retirement savings (for wall st to stick with losses)

2. Fink wants interest rates to go up now because he has sold all his bonds to retirees and bonds will drop like a rock when interest rates are increased.

NICE!

2   thomaswong.1986   2013 May 7, 1:58pm  

401k works great...

you can deduct/transfer savings straight into a retirement account.

its up to you to invest into cash, bonds, and stock.

if you know what your doing, its works to your advantage.

so whats the difference between mandatory govt social security vs
self directed fund investing into US treasury's if you want preservation
and security ?

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