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01:50 PM on 11/20/12 
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David87
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Delaware
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If you are not married you can select someone else as your beneficiary.

Not according to her company, she can not. Only a spouse can be listed as the beneficiary for her 401k and pension.
01:58 PM on 11/20/12 
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apoemtothedead
ppppppppttttttttt.
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TX
Male - 26 Years Old
Not according to her company, she can not. Only a spouse can be listed as the beneficiary for her 401k and pension.
She should try again. Unless there is something special going on with the 401(k), that is not right.
02:10 PM on 11/20/12 
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David87
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Delaware
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She should try again. Unless there is something special going on with the 401(k), that is not right.

My guess is it was written into the union contract that way. She's in constant contact with her Union rep and is the union liaison (or whatever the title is) at her store so I know she's inquired about it before. I'll have her double check it, because I agree it definitely isn't right. It's discriminatory towards single parents or people who aren't married.
03:29 PM on 11/20/12 
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birdman
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Atlanta, Ga
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Because the average return on investments is greater than the average return on fixed income, regardless of the tax rate.

"Money is money."

Eh, I don't know. If I am retiring in 10 years and my plan assumes a 15% tax hit, and that rate goes up 10%, it could put quite a hit on my plans.
03:39 PM on 11/20/12 
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apoemtothedead
ppppppppttttttttt.
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TX
Male - 26 Years Old
Eh, I don't know. If I am retiring in 10 years and my plan assumes a 15% tax hit, and that rate goes up 10%, it could put quite a hit on my plans.
If you're retiring in 10 years, a large portion of your money should be in fixed income to begin with, so your point is pretty invalid from the beginning.
03:42 PM on 11/20/12 
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birdman
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Atlanta, Ga
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Luck might not be the right word....fortunate, maybe. Definitely some luck though.

Usually, when you choose a career path that doesn't include college, you end up busting your ass for 40-50 hours a week at a full time job for an income on the lower end of median. If you're lucky, you'll be part of a union that fights to get you decent health benefits and maybe some dental. But chances are the income you're taking it won't be nearly enough to raise a kid, live in a halfway decent area, and still have extra income at the end to invest. That is, assuming you have any sort of education at all on even how to go about investing. As luck would have it, she's lucky enough to have a union that fought to get her a 401K and pension as well. Of course, sacrifices had to be made by the union to get those things...she can't touch either account until she reaches a certain age, and if god forbid something happens to her, her children (aka me) don't get to inherit those accounts. Only a spouse can. Kind of discriminatory towards single parents, IMO.

I find it pretty unlucky to have third parties (ie unions) provide you with things. But that's just me. Sometimes unions are necessary.
03:43 PM on 11/20/12 
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birdman
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Atlanta, Ga
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If you're retiring in 10 years, a large portion of your money should be in fixed income to begin with, so your point is pretty invalid from the beginning.

It's still not invalid. Your investments will certainly be more conservative, but not non-existent. Especially these days when people are trying to make up for lost ground from the 2008 crash.
03:45 PM on 11/20/12 
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TorontoMatt
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You can't compare a Capitalist countries low tax with a Socialists high tax.
06:07 PM on 11/20/12 
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David87
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Delaware
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I find it pretty unlucky to have third parties (ie unions) provide you with things. But that's just me. Sometimes unions are necessary.


If the unions didn't fight for it, the "job creators" wouldn't always provide it.

So yes, I consider myself lucky to be the son of someone in a trade union
04:16 AM on 11/21/12 
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EasySkankin
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Male - 23 Years Old
Losses on investments. Charitable donations. Mortgage interest. Or loopholes if you want to call them that.

Stupid term



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