The 401k Fallout

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.

Category:

News & Politics

Tags:

• CBS
• News
• 60
• Minutes
• Steve
• Kroft
• 401K
• Savings
• Retirement
• Elderly
• Older
• Americans
• Economy
• Recession

[bodizone1]

get out of the stock market, wall street is a giant pnzi scheme!!

[BogusJesus]

Empower my ass. NFW, FTS, most of these 401K funds are nothing but junk.

[stemikger]

Yes, but so is social secuirty. Do you have any other suggestions?

[bsm6776]

Umm didn't the DOW hit 13,000?? that's only about a thousands points lower than the all-time high in 2007. wouldn't all your shares go back up in price??

[MoltenMozzarella]

I'm closing my 401k tomorrow.

[juliachan1987]

Is there anyway to make losses in 401k illegal/

[stalkingalizee]

It is better to take out no loans, pay everything in cash and live off your investments. 401Ks suck, I have a pension.

[vladolenin]

Not everyone is a used car salesman.

[pacemadsen]

I don't mean to argue and hope I don't come off in that tone. I'm just trying to share what I've studied in detail. But, I'm human and may be wrong somewhere. If there is something I am missing, point it out.

[pacemadsen]

You're right. Interest rates do destroy the middle class. I am talking about the interest rate on a GIUL, which is 2.5%, which is not high. Two of the biggest killers for the middle class is procrastination and lack of discipline. Which then ties into financing things they don't need to buy at high interest rates. But when someone does need to buy something, wouldn't it be better to take out a 2.5% loan from yourself and then pay yourself back rather than take out a loan from a bank?

[Goodwillwin1]

Really?! >> Interest rates are what destroy us "middle class" and if you think interest rates are good for your savings then keep paying it. >>