The moral of the story is that governments and businesses should just abolish all pension, superannuation, 401K plans, etc... and let people manage their own retirement.
Big centralized retirement funds are scams and they always will be. Wherever there is a giant pile of other people's money managed by a bunch of bureaucrats, some suits will come along and find a way to profit from that pile of money in the most wasteful way possible.
Now all these retirement funds invest straight into low-yielding corporate stocks; so the money essentially ends up going into the pockets of corporate executives. And the worst part is that the government makes this compulsory.
I know superannuation is a scam but I'm forced to pay it anyway and I can't take the money out until I'm 65... I wouldn't be surprised if by that time, the retirement fund stock bubble will probably have popped and my retirement account will be worth $0... And all the fund managers and corporate executives will be rich.
Big centralized retirement funds are scams and they always will be. Wherever there is a giant pile of other people's money managed by a bunch of bureaucrats, some suits will come along and find a way to profit from that pile of money in the most wasteful way possible.
Now all these retirement funds invest straight into low-yielding corporate stocks; so the money essentially ends up going into the pockets of corporate executives. And the worst part is that the government makes this compulsory.
I know superannuation is a scam but I'm forced to pay it anyway and I can't take the money out until I'm 65... I wouldn't be surprised if by that time, the retirement fund stock bubble will probably have popped and my retirement account will be worth $0... And all the fund managers and corporate executives will be rich.