#401ks

[mostlysignssomeportents]

Biden wants to ban ripoff “financial advisors”

I'll be at the Studio City branch of the LA Public Library on Monday, November 13 at 1830hPT to launch my new novel, The Lost Cause. There'll be a reading, a talk, a surprise guest (!!) and a signing, with books on sale. Tell your friends! Come on down!

Once, American workers had "defined benefits pensions," where their employers promised to pay them a certain amount every year from their retirement to their death. Jimmy Carter swapped that out for 401(k)s, "market" pensions where you have to guess which stocks will be valuable or starve in your old age:

https://pluralistic.net/2020/07/25/derechos-humanos/#are-there-no-poorhouses

The initial 401(k) rollout had all kinds of pot-sweeteners that made them seem like a good deal, like heavy employer matching that doubled or even tripled the value of every dollar you put into the market for your retirement. But over the years, as Reaganomics took hold and workers' power ebbed away, all these goodies were clawed back. In the end, the market-based pension makes you the sucker at the poker table, flushing your savings into a rigged casino that is firmly tilted in favor of finance barons and other eminently guillotineable plutocrats.

Neoliberalism is many things, but most of all it is a cult of individualism. The fact that three generations of workers are nows facing down retirement without pensions that will provide them with secure housing and food – let alone money to see the odd movie, buy birthday gifts for their grandkids, or enjoy a meal out now and then – is framed as millions of individual failures, not a systemic one.

In other words, if you are facing food insecurity and homelessness after a lifetime of hard work, it's because you saved wrong. Perhaps you didn't save enough (through a 40-year run of wage stagnation and skyrocketing housing, health and education costs). Or perhaps you saved wrong, making the wrong bets on the stock market. If you can't afford to run your air conditioner during a heat dome, that's on you: you should have been better at stocks.

Apologists for this system will say that you don't have to be good at stocks – you just have to pay an Independent Financial Advisor to pick the stocks for you and you'll be fine. But IFAs don't work for free! What if you can't afford one?

Enter "predatory inclusion" – the practice of offering scammy, overpriced and substandard products to poor people and declaring it to be a good deed, because otherwise, those poor people would have to do without. The crypto bubble relied heavily on this: think of Spike Lee and others shilling for pump-and-dump scams as a way of "building Black wealth":

https://www.nytimes.com/2021/07/07/business/media/cryptocurrency-seeks-the-spotlight-with-spike-lees-help.html

More recently, Intuit and other scammy tax-prep services have argued against the IRS's plan to offer free tax preparation as bad for Black and brown people, because it will deny them the chance to be deceived and ripped off with TurboTax:

https://pluralistic.net/2023/09/27/predatory-inclusion/#equal-opportunity-scammers

Back in 2018, Trump won the predatory inclusion Olympics, when his Department of Labor let the Fifth Circuit abolish the "Fiduciary Rule" for Independent Financial Advisors:

https://www.investopedia.com/updates/dol-fiduciary-rule/

What was the Fiduciary Rule? It said that your IFN had to put your interests ahead of their own. Like, if there were two different funds you could bet on, and one would pay your IFN a big commission, while the other would be a better bet for you, the IFN couldn't put your retirement savings into the fund that offered them a bribe.

When Trump killed the Fiduciary Rule, he proclaimed it a victory for poor people, especially Black and brown people. After all, if IFNs weren't allowed to accept bribes for giving you bad financial advice, then they would have to make up the difference by charging you for good advice. If you couldn't afford that advice, well, you'd have to make bad retirement investments on your own, without the benefit of their sleazy self-dealing.

The Biden Administration wants to change that. Biden's Acting Labor Secretary is Julie Su, and she's very good at her job. Last spring, she forced west coast dockworkers' bosses to cough up the contract they'd stalled on for a year, with 8-10% raises for every worker, owed retroactively:

https://pluralistic.net/2023/06/16/that-boy-aint-right/#dinos-rinos-and-dunnos

Su has proposed a way to reinstate the Fiduciary Rule, as part of the Biden Administration's war on junk fees, estimating that this will increase retirees' net savings by 20%:

https://prospect.org/labor/2023-11-07-julie-su-labor-retirement-savers/

The new rule will force advisors who cheat their clients to pay restitution, and will require them to deliver all their advice in writing so that this cheating can be detected and punished.

The industry is furious, of course. They claim that "The Market (TM)" will solve this: if you get bad retirement savings advice and end up homeless and starving, then you will choose a different advisor in your next life, after you are reincarnated (I guess?).

And of course, they're also claiming that forcing IFNs to stop cheating their clients will deny poor people access to expert (bad) advice. As the Financial Services Institute's Dale Brown says, this will have a "negative impact on Main Street Americans’ access to financial advice":

https://www.fa-mag.com/news/legal-challenge-predicted-for-new-dol-fiduciary-proposal-75257.html

Here's that rule – read it for yourself, then submit a comment expressing your views on it. The government wants to hear from you, and administrative law requires them to act on the comments they receive:

https://www.federalregister.gov/documents/2023/11/03/2023-23782/proposed-amendment-to-prohibited-transaction-exemptions-75-1-77-4-80-83-83-1-and-86-128

Su is part of a wave of progressive, technically skilled regulators in the Biden administration that resulted from a horse-trading exercise called the Unity Task Force, which divvied up access to top appointments among the progressive wing and the finance wing of the Democratic Party. The progressive appointments are nothing short of incredible – the most competent and principled agency leaders America has seen in half a century:

https://pluralistic.net/2023/10/23/getting-stuff-done/#praxis

But then there's the finance wing's appointments, like Judge Jacqueline Scott Corley, who ruled against Lina Khan's attempt to block the rotten Microsoft/Activision merger (don't worry, Khan's appealing):

https://pluralistic.net/2023/07/14/making-good-trouble/#the-peoples-champion

Perhaps the worst, though, is Biden's Secretary of Commerce Gina Raimondo, a private equity ghoul who did a stint for the notorious wreckers Bain Capital before founding her own firm. Raimondo has stuffed her department full of Goldman Sachs alums, and has sidelined labor and civil society groups as she sets out to administer everything from the CHIPS Act to regulating ChatGPT.

As Henry Burke writes for the Revolving Door Project and The American Prospect, Raimondo's history as a corporate raider, her deference to the finance sector, and she and her husband's conflicts of interest from their massive stakes in companies she's regulating all serve to undermine Biden's agenda:

https://prospect.org/economy/2023-11-08-commerce-secretary-gina-raimondo-undercutting-bidenomics/

When the administration inevitably complains that its popular economic programs aren’t breaking through the media coverage, they’ll have no one to blame but themselves.

The Unity Task Force gave us generationally important policymakers, but ultimately, it's a classic "pizzaburger." If half your family wants pizza, and the other half wants burgers, and you serve them something halfway in between that makes none of them happy, you haven't made a wise compromise – you've just made an inedible mess:

https://pluralistic.net/2023/06/17/pizzaburgers/

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/11/08/fiduciaries/#but-muh-freedumbs

[don-lichterman]

Retirement Planning Lessons From the Great Recession | 401ks

Retirement Planning Lessons From the Great Recession | 401ks

Many people vividly recall the Great Recession. There were numerous foreclosed homes, financial institutions shuttered and businesses closed. Many Americans found themselves suddenly looking at living on much less income than before. It took some time for the economy to pick up and the country to recover. Looking back at those years can help us glean takeaways to avoid mistakes and stay…

[ew-selfish-art]

Dp x Dc AU: Tucker gets hired by the JL to work on the Watchtower’s cybersecurity... He might have a few friends visit. 

Batman looked over the application for visitors presented to him by Dr. Foley, who was nervously wringing his hands but seemed excited to talk about his two close associates, and it appeared that everything was in order for the pair to be allotted a short visitation time slot. 

The paperwork was established by Batman himself after all, needing a way to permit non-members (His Children) to visit him at his office in the watchtower. Looking over Dr. Foley’s application, the invites to Dr. D. Fenton and Dr. S. Manson seemed to be somewhat warranted.

Dr. Fenton is a well known astrophysicist and Dr. Foley had been upping the security to reflect more complex physics models as the ‘lock’ mechanism for access to Watchtower servers. Dr. Manson was a more controversial figure in social justice but a biochemist to rival Dr. Pamela Isley, not to mention she was someone Bruce Wayne had met a number of times and not completely hated (though he was sure she hated him and everyone else in the gala). She was a fan favorite guest by his children and a great advocate for animal and human rights. 

Batman approves the application, allowing their visitation for a few hours at a time once a week until the completion of Dr. Foley’s project. 

He doesn’t hear much from it, nor from Dr. Foley, but things start to come down the rumor grapevine that the two guests were more than they seemed. Red Robin was the first to comment on it to him, and as practical and efficient Tim could be, there was a look of chaos in his smile as he discussed the two additional PhDs. He was stingy on details and that always meant something bad for Bruce’s mental health. A few others asked a few questions as to who exactly the pair were visiting, and Cyborg commented that they weren’t really doing too much to assist Dr. Foley. 

Batman decides to intervene and meet these two for himself when he hears Constantine complain (not that the man wasn’t always complaining about something) about the two new magic users being way too OP for normal humans. 

This is how the JL gets to become allied with Ghost King Phantom and Thorn (not Poison Ivy pt.2 as Robin insisted). Turns out they weren’t sure if the JL could be trusted with interdimensional politics, so Tucker spent the last two years gaining their trust to let Danny and Sam up here to ‘check the place out’ before they committed to becoming members. 

Batman doesn’t even get to raise alarms at the espionage of it all because Red Robin has already programed their new badges and welcomed them on with open arms and a project to take down the LOA’s Lazarus Pits “safely”.

[zolanort]

This is how I remember it happening.

[cinamun]

Day 27 | Old Money/Vintage

#BHMCASChallenge

[henrysglock]

opening the byler tag only to see bi-gay mike discourse AGAIN

[reality-detective]

Interesting 🤔

[bitchesgetriches]

{ MASTERPOST } Everything You Need to Know about Retirement and How to Retire

How to start saving for retirement

Dafuq Is a Retirement Plan and Why Do You Need One?

Procrastinating on Opening a Retirement Account? Here’s 3 Ways That’ll Fuck You Over.

Season 4, Episode 5: “401(k)s Aren’t Offered in My Industry. How Do I Save for Retirement if My Employer Won’t Help?”

How To Save for Retirement When You Make Less Than $30,000 a Year

Workplace Benefits and Other Cool Side Effects of Employment 

Your School or Workplace Benefits Might Include Cool Free Stuff

Do NOT Make This Disastrous Beginner Mistake With Your Retirement Funds

The Financial Order of Operations: 10 Great Money Choices for Every Stage of Life

Advanced retirement moves

How to Painlessly Run the Gauntlet of a 401k Rollover

The Resignation Checklist: 25 Sneaky Ways To Bleed Your Employer Dry Before Quitting

Ask the Bitches: “Can I Quit With Unvested Funds? Or Am I Walking Away From Too Much Money?”

You Need to Talk to Your Parents About Their Retirement Plan

Season 4, Episode 8: “I’m Queer, and Want To Find an Affordable Place To Retire. How Do I Balance Safety With Cost of Living?” 

How Dafuq Do Couples Share Their Money? 

Ask the Bitches: “Do Women Need Different Financial Advice Than Men?”

From HYSAs to CDs, Here’s How to Level Up Your Financial Savings

Season 3, Episode 7: “I’m Finished With the Basic Shit. What Are the Advanced Financial Steps That Only Rich People Know?” 

Speaking of advanced money moves, make sure you’re not funneling money to The Man through unnecessary account fees. Roll over your old retirement accounts FO’ FREE with our partner Capitalize:

Roll over your retirement fund with Capitalize

Investing for the long term

When Money in the Bank Is a Bad Thing: Understanding Inflation and Depreciation

Investing Deathmatch: Investing in the Stock Market vs. Just… Not 

Investing Deathmatch: Traditional IRA vs. Roth IRA

Investing Deathmatch: Stocks vs. Bonds 

Wait… Did I Just Lose All My Money Investing in the Stock Market? 

Financial Independence, Retire Early (FIRE)

The FIRE Movement, Explained 

Your Girl Is Officially Retiring at 35 Years Old

The Real Story of How I Paid off My Mortgage Early in 4 Years 

My First 6 Months of Early Retirement Sucked Shit: What They Don’t Tell You about FIRE

Bitchtastic Book Review: Tanja Hester on Early Retirement, Privilege, and Her Book, Work Optional

Earning Her First $100K: An Interview with Tori Dunlap 

We’ll periodically update this list with new links as we continue writing about retirement. And by “periodically,” we mean “when we remember to do it.” Maybe remind us, ok? It takes a village.

Contribute to our staff’s retirement!

Holy Justin Baldoni that’s a lot of lengthy, well-researched, thoughtful articles on the subject of retirement. It sure took a lot of time and effort to finely craft all them words over the last five years!

In case I’m not laying it on thick enough: running Bitches Get Riches is a labor of love, but it’s still labor. If our work helped you with your retirement goals, consider contributing to our Patreon to say thanks! You’ll get access to Patreon exclusives, giveaways, and monthly content polls! Join our Patreon or comment below to let us know if you would be interested in a BGR Discord server where you can chat with other Patrons and perhaps even the Bitches themselves! Our other Patrons are neat and we think you should hang out together.

Join the Bitches on Patreon

[dinosaur-robots]

Pro tip: Date your tax bracket. It always becomes a problem.

[homoqueerjewhobbit]

Actually, the best part of being a "chosen one" is you don't have to send in a resume and write a coverletter. A magical scroll or mysterious stranger or flock of ravens just show up and give it to you.

[garnet-xx-rose]

Phantom of the Opera but the age gap is swapped so Christine is in her 30s and Erik’s like 20 but he’s crushing on her so bad and does all of his antics too impress her

Erik: Let me take you out!

Christine: Honey, where are you gonna take me out? You don’t have a job!

Erik: Yea I do.

Christine: *sighs* extorting middle age men is not a job🙄

[anyoldfandom]

Sometimes I remember that line in S3 meant to show how BK keeps up appearances of running Providence more humanely than WK where Rex says WK was so cheap that he didn't even buy individual stalls for the bathroom and then I remember that Rex got his own basketball court and locker room and Providence was constantly canonically paying for repairs for damages caused by Rex fighting EVOs and fighting EVOs rather than just immediately collaring them and paying for food and cages and such for incurables and EVOs waiting for Rex to cure them and paying to keep Paradise/Purgatory base afloat and then I think maybe. Maybe there is another reason WK was cheap.

[socksandbuttons]

i love

tiny money obsessed bloodmoon

[tangledinink]

Cat's Cradle reminds me of spiderwebs.

@beannary's The Little Prince

[davidson-eric]

How Banks Work And Why They Are Collapsing.

You have to be Awake, it's high time you know the Banks are working with the Feds to ensure they sabotage this movement.

Be Awake my Fellow Patriots, You have to secure your Assets and Funds as recommended by DJT and EyesOpenAmerica, move your funds into the New Quantum Financial System (QFS). Your 401k, money in the bank and investments are highly at risk, the crash is coming!!!

Buy Xrp and Xlm , when i say buy, I mean "Buy lots of it ". Move your funds to the only QFS leder Account recommended by EyesOpenAmerica and DJT.

If you don't have any idea on how to, kindly reach us via email (check bio for email) or a DM away.

#EyesOpenAmerica

[yesloulou]

Daniel's backpack is so big because it probably contained a lot of things he needed for the day like:

Water bottles, 2 tons of snacks, (his contract), some changing of clothes, some slippers to be comfy, (his contract), maybe a mini fan to stay cool, his laptop, (his contract), his wallet and documents for sure, (his contract), his pain killers, his trusty pillow, (his contract). Do you think I might've missed something?

ok but where would he put his contract, i feel like he'll need a place for his contract