FYI: American Express began as a delivery company in 1850, pioneering “mailbox money” in more than one way. The upstart U.S. postal system could only handle letter sized envelopes so there was a need to deliver larger parcels and valuable items, and American Express was born. American Express then established the first private pension plan in the United States in 1875.
Banks came to rely heavily on the secure and reliable delivery service of American Express from the east to new western territories. But, in 1890, William Fargo took a trip to Europe and returned home frustrated. Despite being president of American Express and carrying with him traditional letters of credit, he found it difficult to obtain cash.
Today, more than $5 trillion sits in 401(k) mutual funds as letters of credit for retiree’s travel plans who are finding it equally frustrating to convert that fluctuating currency to income in their hands. The same is true for many more dollars in IRA Rollovers previously in 401(k)’s.
Improvements and breakthroughs in the delivery of - anything, anywhere, and at any time - have been astounding ever since that first American Express stagecoach. The only thing missing for many Americans in 2019, is that pension check in the mailbox.
Regards,
Ted
https://kc-roi.com/blog/an-old-fashioned-idea-for-a-5-trillion-misunderstanding
