[pennywise]

Fern: I do have our stocks. I am also a daytrader. So I am knowledgeable about the financial markets. I would not put money into a 401K, 403 or any other retirement account. First, there is a fee to the man who has knocked on your employers door, second there is a fee to the bank offering the mutual fund, lastly, the mutual fund has taken their cut. There are too many fees that eat your money. I read long ago: the man went to the harbor with the broker who was showing their yachts and the man replied "where are your customer's yachts"? Money managers have made a massive amount of money over the last years while no fund showed good performance, why? I strongly advise against these investment vehicles and encourage self-education and self-control. Recently, the pros stated: stop buying market orders; what they want you to do is place limit orders so they can see what your price is and play against you. Never, ever, ever, in poker show your hand. In addition, if you are a new employee the employer views your account as his bank. You are not fully vested until 3 years, thus he/she can take the money in your account that he/she put in if they terminate you before the 3 years, called dangling a carrot. I have amassed over double the amount that the "professionals" have done for me in 2 years. Those I have paid to manage my money, therefore, have not done their job, they are self focused. I do believe their will be kickbacks to the employer with this new policy of "opt out of the 401". I am not exactly sure who cares about "fiscal responsibility". File a complaint and see how far you get - probably just "thanks for telling us". Thanks for your input, but I do believe the public is being led astray here. The government has given so much of our money away that they, like the employers, want to dump their responsibility to the individual. Best to avoid debt, live frugally, and PLEASE, PLEASE, PLEASE teach yourself about investments so you can invest yourself. There are so many money lies out there that get everyone - like in real estate: you can write the loan off on your mortgage, a home is your best investment - bull; have you ever done the accounting on your home; between the taxes, interest, repairs, etc. a home is not an investment; however, you do break even when you sell or a loss with the added realtor fees and transfer taxes. People, please learn the truths about money. In finance, and educator consumer is dangerous.