April 19, 2009 3:00 PM
Checked your 401k lately? The recent financial collapse has devastated this retirement resource. Older workers are hardest hit, as their financial futures may now be at risk. Steve Kroft reports.
Retirement Dreams Disappear With 401(k)s
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See all 64 CommentsIf you believe that the government is going to 'back' anything you are either stupid or, asleep and dreaming.
If the rate of inflation is GREATER than the interest rate one is getting on renting out their money to a bank then how does that plan of action protect the saver?"--Ever hear of PBGC? I guess not. Your worthless 401(k)s aren't backed by ANYTHING. Quit lying and shilling for these useless savings plans.
The other irritating thing about this news story, which was originally aired in 2009, is that now, in 2011, most markets have recovered. If those people in the story had simply not panicked and instead stayed in the market, their money would be substantially returned to almost previous levels or above.
This story did not age well. This is the problem with nay-sayers. It sells Media, liberalism and anti-capitalism. But it is not always an accurate description of reality.
The 401k has been a personally powerful retirement program for the responsible self-employed and those who can save and control their over-spending. It also helps not to have children you can't afford, none of which was discussed by 60 Minutes.
I think we should make those who are responsible; accountable. The Federal Reserve System should STOP printing and circulating fake money. Their not even a government agency! Why are they still getting away with it?!!
Would you consider doing a story about them; so America would wake up!
Read the story here. http://www.bigeye.com/griffin.htm
You can also find the audio version online in many places if you look for it.
to cost A LOT more, life as we know it will change.
This information by Mike Dillard breaks things down so we can know what to do.
Stop letting your brokers make you "broker".
http://www.BrokersMakeYouBroker.com
Seniors were advised by prudent advisors to move to less risky gambles as they get older but the desire to make more kept many in risky investments.
I have managed my IRA since retirement and do not want the government to take over and require investment in government annuities. If I wanted annuities, I would have already bought them. I think this is another bid to get what is left of Seniors money!!!!!!
Much of what invest is constantly rated with ridiculous fees.
Perhaps it's worth it to an extent to invest until you are at least 45 years. After your 40's you're chances of recovering any money are slim. Better off pulling your money out of the market and placing it into a savings account. Perhaps into some CD's or another vehicle backed up by the government despite being a lower interest rate.
401K's are a scam. Thank God my parents both had PENSIONS. REAL PENSIONS backed by the government. Not 401K's that are continously raped.
Here's some sad statistics; Americans aged 65: 54% a BROKE, 36% are WORKING, 5% are DEAD, 4% are OKAY, 1% WEALTHY.
People have the false sense of security by keeping their money in the market with the mentality "It'll come back up..." The market is typically based on the S&P 500 which historically from the early 1900's to present has gone up with a few bumps along the way. Well, the reason for the continued growth has a lot to do with the largest generation (Baby boomers) buying more into the market. Well, the BB's are now starting to retire and won't be investing NEW money into the market...they're retired!! Thus, those waiting for the bounce back...will be waiting a very very long time. Very scary times ahead and people need to wake up!
The BEST hedge of protection is a whole life insurance policy where you are guaranteed not to lose your principal and there is growth in the form of dividends!!
Catch me on facebook.com/akamaiwealth
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See all 64 Comments