Really?! WOW. I am really shocked that so many people cannot follow simple advice. When you are getting older in your 50's move out of stocks... if you followed that advice you would be rather safe right now. Save lots of money in your retirement account... ever hear anyone say they saved entirely too much money? Remember that next time you look at your contribution rate. Only think left that we need to do is shut down social security (Ponzi Scheme) and replace it with forced 401k savings plan. Employee should be forced to save no less than 5% and employer should have to match with min of 4%. Changing to a retirement plan like they have in Chile would also be a great option. Note: I am not rich at all. I am 30. I invest in my 401K with 9% and a 4% match from the company I work for.
Lowellof IL4:29PM September 04, 2009
The results are clear, 401k holders have not been paying attention or educating themselves about saving, investing and finance. The number of folks that asked my advice quadrupled in 2008 and by early this year had been elevated to panic mode. At our ages, 57 and retired for me and the wife at 52 and retiring in 5 years, our retirement savings balance declined 16% last year and has recovered 10% of that loss in the first 5 months of this year. We are still saving 40% of gross income for retirement on an income of 90k per year. Needless to say, a number of our peers in our age and income group are asking me for advice after their own failures. The biggest problems? non diversification, inadequate savings rate, excessive consumption, poor planning for the future. It does no good to complain about government or your company retirement plan if you are not keeping your own savings in order.
johnof WI9:41AM June 04, 2009
It seems to me that a certain level of management people went to the same school/university. What was their major? Bad Business Practices? What classes did the take? Greed 101? Stupidity 301? I have personally seen managers in the government who would qualify. I just thought private industry mostly avoided the real dummies.
George Boyerof NM8:26AM May 31, 2009
Carroll,
That is our government in action for you. They gave what? 20 billion to GM???? A lot of good that did. Now Social Security will run out sooner than they calculated???? My 401(k) lost 40 percent last year due to the corporate knuckle heads in charge. The same knuckle heads my hard earned tax dollars bailed out. The more I see our government monkey around, the more I am glad I voted for Ralph Nader.
Mike Condonof TN2:52PM May 28, 2009
It's amazing to say the least how the hard working people get slammed at every turn. The government Gives to big co.to keep them going. It's funny how they never think about replacing things like the lost funds from the 401K's When are they going to wake up and do things right. They think taxes is the answer to everything. Well when people can't buy products for any reason Then what. No job, no money, no insurance, no nothing. Half the country is having a hard time making ends meet. Yet they keep comming up with stupid things that don't help the economy that anyone can get a grip on. Then they wonder why people are doing the things they do with thier families unbelievable crimes one behind the next.
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Lowell of IL 4:29PM September 04, 2009
john of WI 9:41AM June 04, 2009
George Boyer of NM 8:26AM May 31, 2009
Mike Condon of TN 2:52PM May 28, 2009
Carroll Wilson of VA 2:36PM May 28, 2009