Have you ever lost money in your retirement savings?
Did you think you had a secure plan for retirement?
If the answer is yes to either of these questions, this may explain why this happened to you.
So how do you intelligently choose your 401k investments? Do you really know where 100% of your money is invested at all times?
How can you take full responsibility for your retirement future if you don’t know?
It’s not your fault that you don’t know. (THEY don’t want you to know they invested in companies that go out of business, i.e. Enron, WorldCom, Countrywide, Wachovia)
These are companies that were in some of the leading mutual funds where Americans 401ks are managed.
Mutual funds are only required to tell you what is held in their funds on one day of the year when the annual report is sent out. They don’t have to tell you where your money is on the other 364 days. This is all that the Government requires. Remember, you are supposed to be the pension manager of your own 401k and IRA.
How could you really be fully responsible for your money if you don’t even know where it is invested at all times?
Mutual funds are really kind of a blind trust. You invest the money, but you really don’t know where all of it is until you see the annual report.
And then, it’s a snapshot of just that one day.