Is there any such thing as a "pooled" or "endowment" 401k?
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Is there any such thing as a "pooled" or "endowment" 401k? I'm wondering if enough people got together and created a 401k co-op, or maybe a union could offer this to its members, if instead of putting your money into an account that you then withdraw from when you retire if you could all pool your money and when you retire you're entitled to a split of the interest and dividends generated based on how much you put in over your working life. Or maybe this just wouldn't generate enough per member?
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@sam I'm sure you know this but this is what a pension is. Don't think they exist outside of large legacy companies and some government departments anymore.
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The Yangsi Michael Dillonreplied to Sam Whited last edited by
@sam you're more or less describing the Dutch pension arrangement
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@ahelwer is it? I was under the impression that most US pensions were still based on the company continuing to exist and pay into it (is. supported by company profits, not by endowment)? I'm likely just wrong, I understand literally nothing about money.
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Sam Whitedreplied to The Yangsi Michael Dillon last edited by
@anantagd good to know; someone suggested that the few companies in the U.S. that still gave pensions also do this, so maybe I just misunderstood things and it's a dumb question!
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@sam I'm not sure if this is helpful but this might be an interesting model to look into - https://goldeneggchicago.org/
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@andrew773 interesting; looking over their site it's unclear to me entirely what the model is. I think it's just people donate and then they do retirement account matching up to a certain amount from the donations? I do like the idea, though I'd be curious where the funding comes from!
