We’re not talking about shark-suited hucksters peddling Brooklyn Bridge futures.
No, we’re talking about the ones peddled by women and men offering “financial products” issued by household name banksters and insurance companies, products likely to do more poorly than the stock market but certain to earn the agents who sold them nice fat commissions.
Once upon a time, folks worked for companies that built up their own pension funds to pay retired workers, but in the neoliberal era, those companies have long snapped up and merged, taken over partly to gain access to those very pension funds, leaving the workers scrambling to make sense of markets so complex that Wall Street banksters are hiring the finest computer minds of the age to play with them.
And we’re left with having to bankroll our own pensions, with a little bit of help [sometimes] from our employers, and prey to those smiling folks and their “products.”
And now, on with the show.
From Last Week Tonight:
Last Week Tonight with John Oliver: Retirement Plans
Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips.