60 Minutes: The 401k Fallout
By Barry Ritholtz - April 27th, 2009, 6:30PM
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.
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13:01 April 19, 2009 4:04 PM
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Source:
Retirement Dreams Disappear With 401(k)s
Older Americans’ 401(k)s Have Plummeted; Many Fear They Will Never Get To Retire
60 Minutes, April 19, 2009
http://www.cbsnews.com/stories/2009/04/17/60minutes/main4951968.shtml
April 27th, 2009 at 9:00 pm
Why is this such a great surprise??? Anybody who has any thoughts of retirement within the near future should know these accounts are toast. We have a bunch of self-indulgent, self-centered financial jerks heading anything that anyone could try and make money for their retirement through and there is should be no question of the result of all this stupidity. We have been had by the totality of the efforts of ALL financial advisors.
April 28th, 2009 at 12:04 am
It would be nice if they attempted to put some numbers to the anecdotes, they don’t give the reader any idea of how many people are being (nevermind will be) forced to put off retirement because of poor allocation. Must be some rough estimates somewhere they could throw out.
April 28th, 2009 at 11:54 am
If you are in your 50’s you should be mostly in fixed income. I thought this was common knowledge.