• Home
  • Personal Finance
  • Investing
  • Business
  • Career
  • Consumer
  • Debt
  • Lifestyle
  • Retirement
  • Taxes

Personal Finance News

Latest News About Personal Finance

  • Blogger Net Worths
  • Top Personal Finance Blogs
  • Blogroll

The Inventor of the 401(k) Says He Created a ‘Monster’

May 27, 2016 1 Comment

American workers now take for granted they can sock away pretax earnings with a company match, but at the time many couldn’t imagine Ted Benna’s idea of turning a little-noticed new subsection 401(k) of the tax code to replace pensions as the bedrock of American retirement.  The father of the 401(k) says he created a monster: The plans had grown so overcomplicated and so fraught with hidden fees and opportunities for bad decisions that they were better at enriching the financial industry than the actual savers. “For all its issues, the 401(k)’s biggest value is that it turns spenders into savers,” he said. “Not that I spend much time basking the glory of the 401(k). What matters most to me now is spending time with my grandchildren and my horses.” (marketwatch.com)

Related

Comments

  1. cuphead says

    January 30, 2023 at 7:56 am

    The information is very special, I will have to follow you, the information you bring is very real, reflecting correctly and objectively, it is very useful for society to grow together.

Leave a CommentCancel reply

Must Read

  • What's the Recommended Temperature for Vacant Home in Winter?
  • How to Reach a Live Person at IRS to Resolve Tax Problems
  • Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
  • How One Employee Got Away After Stealing $103 Million
  • How to Refinance a Paid Off Car
  • Two-Thirds of Americans Live Paycheck to Paycheck
  • Professional Panda Cuddler as the World's Best Job for $32,000 per Year
  • John Bogle Net Worth
  • Amazon Cash: Now You Can Pay With Cash on Amazon
  • The Best Day of the Week to Buy Mutual Funds

Recent Posts

  • 47% of Americans Say Achieving Retirement Security Will Take a Miracle
  • Which Cryptocurrency Should You Invest In?
  • Apple Launches Apple Card’s Savings Accounts With 4.15% Interest Rate
  • More Americans Are Using ‘Buy Now, Pay Later’ Services To Pay for Groceries
  • 5 Tips To Get The Best Value On An Insurance Policy
  • 61% Now Living Paycheck to Paycheck
  • 36% Earning $100,000 or More Living Paycheck to Paycheck
  • Two-Thirds of Americans Live Paycheck to Paycheck

Connect With Us

  • Facebook
  • Twitter
Home · About · Terms · Privacy · Contact · Copyright © 2025 · Personal Finance News