If banks are certified and backed by the government, then why during financial crisis do people lose out on their retirement investments?
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You are confused between checking/saving account vs investment. 401k is an account where money in there goes to investment, and you can choose what kind of investment you can buy in your 401k account. It can be extremely risk free (aka fixed income) or very risky (stocks). And obviously the risky ones could lose money.
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