Are IRA's a scam?

Question

I found 401K's to be a scam....but what about IRA's?

Answer 1

NOPE...Social Security is a scam..... 3.2% bank rates are a scam...  IRA s  ( and 401s)  are people learning to take care of THEIR OWN FUTURE... people who ignore them, or sadly can't figure them out.... will rely on the goodness and kindness of bankers, insurance men and politicians...WOW !  Good Luck THERE !!

Answer 2

If you think either is a scam.... you'll be losing the best opportunity for retirement savings in your life!

You need to educate yourself. Your current attitude will hurt you financially.

There are 401K and IRA custodians tjhat may not be great...... but the plans, with the right custodian can be very rewarding.

Answer 3

Neither are 'scams', both are tax-advantaged investment vehicles created by congress to encourage retirement savings.

Answer 4

I know nothing about IRAs or 401Ks as I am in UK. But I thought they were tax efficient Govt. schemes or Govt. backed? How can they be scams? You may think they are not for you or that there are better places to put your money but they are not scams, unless you have a different meaning for that word.