I believe people can opt out of this, and since you can access the rainy day fund for any reason whatsoever it's not a huge problem. I really don't agree with automatically enrolling people in 401k plans though. You can lose money in the stock market, so people should need to make conscious decision to get involved in that. If Joe has $300 swiped from his paycheck without his consent and he loses $100 in the stock market that's fucked up.
I believe people can opt out of this, and since you can access the rainy day fund for any reason whatsoever it's not a huge problem. I really don't agree with automatically enrolling people in 401k plans though. You can lose money in the stock market, so people should need to make conscious decision to get involved in that. If Joe has $300 swiped from his paycheck without his consent and he loses $100 in the stock market that's fucked up.
the opt out part is just the starting point, you're a fool if you think it'll stay like that.
You could opt out of social security initially too.
And you can have a 401k set up entirely with bonds (not that that is a good idea but you won’t have the market while out your savings)