Worth reading. 401(K) accounts were supposed to supplement pensions, not replace them. People will not be able to retire at 65 as they once did, but will have to work as long as they can drag themselves to a place promising a monthly paycheck. And when they do retire, they will live at a lower standard than those who went before them. What the article does not mention is that most people are risk-avoiders, so that even hen relatively young, they put their 401(K) money in safe bond funds, which is a terrible choice - over the very long run, as in a persons work life, at the very least, the money should be in an account linked to the broad equity market, then perhaps shift more to bonds within a few years of retiring.
Posted on: Thu, 03 Apr 2014 14:21:00 +0000
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