Are 401k retirement plans actually a scam?

[SF49erfan]

http://www.businessinsider.com/why-i-think-your-401k-is-a-scam-2015-8

I ran across this article, which calls them scams. Anything about them we should be worried about?

 

[nsaspook]

IMO the article is a scam. There are good and bad plans like any investment. How you invest in your youth is completely different than what's wise near retirement if you plan to really retire from something you love.

 

[lisab]

I think the author's arguments against 401ks are weak. Even worse are his suggestions for alternatives to retirement accounts:

The average multi-millionaire, according to tax data, has at least 7 different sources of income.

You can keep your job. But think about how to make money on side jobs. It doesn't have to be tomorrow. Just think about it and start coming up with ideas.

Or take a job where you (sic) financial success is more in tune with the financial success of the company.

With industry being outsourced and knowledge being outsourced, the best investment is in yourself.

This might mean take courses that you can later monetize (photography, wordpress development, copywriting, freelance writing, etc).

Or it might mean studying investments. The best investors are usually the top hedge fund managers. Study their investments. Copy what they do (but don't invest in them. Ugh!).