Category Archives: Position Sizing
James Altucher thinks 401k retirement plans are scams.
In a video that went viral after being posted last year on Business Insider, the 48-year old hedge fund manager, entrepreneur and best-selling author says that “I honestly think that you should just take your money out of 401ks.”
He lists three. You’ll have no idea what’s happening to your money when it’s tied up in a 401k. You won’t be able to touch it for years, maybe even decades, without paying a penalty. And, his most serious condemnation: “I mean, the average 401 k, they won’t really tell you this, probably returns maybe 0.5% a year.”