As the stock market falters, older individuals are losing large amounts if not all of their 401(k) savings. Many report having lost 35% to 45% of their savings and that percentage is still climbing.
Those planning on retirement in their late 50’s or early 60’s are now making plans to work a decade longer because their savings will not recover in enough time.
Traditionally, 401(k) plans have provided retirement income for the majority of Americans; however, now people are seeing that if the stock market is volatile, they can actually lose more than what they put in.
This is a very troubling situation to read about, and with companies like GM suspending their 401(k) matching and raising costs such as healthcare, it is very hard for individuals to save for retirement these days. What can people that are close to retirement age do to recoup at least some of their retirement savings?
http://www.usatoday.com/money/perfi/retirement/2008-10-30-retirement-401k-funds-stocks-savings_N.htm
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1 comment:
Great writing!
You might also really like this site. It gives a top-down view of 401ks.
http://www.facebook.com/pages/Diane-Garnick-Fan-Site/30099979536?ref=ts
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