To disarm the big tech bomb, including "AI", the public needs to be on high alert — as AI firms start to visibly wobble, we need clear demands and firm commitments from our leaders that if it all comes crashing down, the public won’t be the one left holding the bag.

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[–] 70 points 1 week ago (16 children)

Most folks don't have a "retirement fund manager", they just have a web portal with their company's plan with the same 10 shitty target date funds.

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  • [–] 22 points 1 week ago* (3 children)

    You have a number you can call, and there is an agent you can speak with about what's being done with your investments.

    It is your money and you can put it where you want.

    It is just super inconvenient.

    Go ask your HR person how to contact them. It's all they're good for.

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  • [–] 10 points 1 week ago (1 child)

    Make an infograph and we share it in a social media campaign.

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  • [–] 8 points 1 week ago (3 children)

    This is true. There’s also the “company match” that happens with up to 6%. Corporate is handling it, and the “match”, there’s no retirement agent to call.

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  • [–] 8 points 1 week ago* (last edited 1 week ago) (2 children)

    Match means they match your contribution. (Up to x% of your salary, not everyone sees the 6% match you mentioned sometimes is 3%, sometimes it's 10%. Depends on company... It varies a lot.)

    So like if they match 5% and you make 100k, and you elect 5% to your 401k, then the company also contributes 5% of your salary to your 401k. If they match 5% and you contribute 1% of your salary they MATCH 1% of your salary to your 401k. Your 401k is yours. You can tell the managers of it to put it where you want, but it goes somewhere your org wants it to by default.

    That includes where you invest your contribution.

    By default your company invests in a bunch of s&p 500 index funds, probably.

    You could tell them to yolo the whole 6% of your salary they match on Tesla, Gold futures, Pepsi, whatever you want.

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  • [–] 2 points 1 week ago (1 child)

    Yes, mileage varies. There’s also a vested (work for that company X years before you keep that portion when you leave) aspect before you get to keep the employer contribution, and the remain separate accounts.

    Who is the “they” you call? HR? An 800 number? It’s clear as mud at a first look. The point being, most people aren’t even going to know who to call for this. Most work retirement packages are a click once and forget type deal. Can you find the info? Yes. But it takes work. And remembering that you even have this click and forget thing attached to your workplace. That’s just people though.

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  • [–] 1 point 1 week ago

    Oh but private retirement funds are so much more "efficient" and have no bureaucracy! That's what they tell you anyway. About as useful as private health insurance.

    Wouldn't matter much anyway in this case. They were always going to find a way to stick us with the bill. Hope everyone is ready for Great Depression 2: AI Slop Boogaloo!

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  • [–] 6 points 1 week ago

    Most retirement plans actually give you a number of other investment options besides those target date funds. The trouble is that you have to login and change your investments to small/med cap or international funds, and I believe only a minority of people have the wherewithal to do that

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  • [–] 3 points 1 week ago (4 children)

    Everyone of these folks can move full allocation to various options like money market or bonds, or international growth, etc. and they should. Oh and after the bailout begins, get out of that money market, because it will be the toilet paper market then.

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  • [–] 1 point 1 week ago (1 child)

    Why do you think the money market would suffer? It has generally low returns as a rule and they tend to be even lower in low interest markets...but it's an extremely conservative investment.

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  • [–] 1 point 1 week ago*

    The money is denominated dollars or other currencies. So if you get say 2.9 percent, but actual inflation is at a much higher rate, 7 percent, you are losing money. You can buy much less stuff than you could have before you put it in there.

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  • [–] 1 point 1 week ago (1 child)

    They can, but whether they should depends entirely on timing the market. It can stay irrational for another 2+ years, in which case selling out now would be a mistake.

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  • [–] 2 points 1 week ago

    Everybody who doesn't live forever "times the market". Your not describing discipline, you're describing FOMO. If you believe the AI Bubble premise, and you had discipline you'd keep a lot of cash. Like Berkshire does these days. I call that "timing the market".

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