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Retirement Funds In Danger For Millions Of Americans

March 9, 2009
Counter Currents
3/6/2009

For millions of Americans, the deepening recession has meant a dramatic drop in funds put aside for their retirement. While many have seen the value of these accounts slashed in half, the pensions of others have been rendered virtually worthless as their employers file for bankruptcy. For others, a layoff in the family spells disaster, and saving for retirement is out of the question.

Many older workers have been forced to cash out their 401(k)s to cover mortgages and pay credit card debt and other expenses, with the amount withdrawn sharply reduced from their original investment. For other, particularly young, workers, the prospect of putting aside anything out of their weekly paychecks is out of the question.

While there are many 401(k) plan variations, until recently an employer has commonly matched 50 percent of an employee’s contributions up to 6 percent of the employee’s income. These funds can be set aside tax free, and are most commonly invested in an assortment of mutual funds.

The story continues …..

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