A Retirement Timeline

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At age 47. I'm questioning the need for a 401k. I've heard from folks recently retiring and applying for S.S, benefits, only to be told that their benefits would begin as soon as they have "exhausted" the 401K. Given the recent losses in market conditions, wouldn't those mentioned have been far better off with a mattress or safety deposit box ????????

Dan B of TN 10:25AM July 26, 2009

Quote: 'This is the year baby boomers born between 1943 and 1954 are eligible to receive full Social Security retirement benefits.'
FYI, the Baby Boom generation began with those born between Jan. 1, 1946, and Dec. 31, 1964. Those born in 1943, '44 and '45 are not Boomers. Those born after 1954 and through 1964 are Boomers.

Bill Anderson of FL 1:44PM July 13, 2009

KB--not saying I disagree about responsibility and the entitlement mentality in this country, but I'm not sure what you mean.
I don't know about you, but I have been in the highest tax bracket for years and, hopefully, will stay in the highest tax bracket until I retire. Not because I like paying taxes, but because I'm earning enough to be in that bracket. I'm fulfilling my responsibilities by paying my taxes. I wish I paid less, but not at the cost of being paid less!
My 401K is something that I and my company contribute to and the company does that because I'm fulfilling my responsibilities to it.
So basically, I don't get the connection between the article and your comment. What am I missing?

DM of CA 7:50PM June 16, 2009

Where do RESPONSIBILITIES fit into this equation...if there were more discussion of that part of the equation, there would be less of an entitlement mentality and we would find ourselves in the mess we are in now.

KB of NY 8:52PM June 14, 2009