I keep reading that a 401k is a fraud (most recently in the comments for the diary on the rec list about class warfare). In the immortal words of me...I don't get it.
I am 31 years old, I have only had my 401k for 2 years. In that time I have managed to be really on top of it. I am always moving my contributions around. I have contributed very little out of my pay and quadrupled it into a respectable number for someone my age. I had to really be aggressive about which funds I was in all the time because most people my age have had a 401k for quite some time. I have been hearing my whole life that if I don't have x amount by x age, I will be living off of cat food.
So....can someone explain to me what about my 401k makes it a ripoff, a fraud, or other dastardly corporatist tool? I am considering taking all of my funds out (and enjoying massive penalties im sure) and investing it on my own. As someone else said, why pay fees to gamble my money? May as well just gamble without the middle man.
Provide me guidance, Kossacks! I truly don't get it.