Thursday, October 9, 2008

401(k)s meting down.

From yesterday's USA Today:

The financial meltdown has demolished Americans' retirement savings, wiping out $2 trillion — or about 20% of value — in the past 15 months, Congress' top budget analyst said Tuesday.

This estimate probably comes as no surprise to millions of Americans who have reviewed their 401(k) statements in recent weeks.


"This is a financial panic right now, and one reason it feels so bad is that everything is going down," says Kurt Brouwer, a financial planner in San Francisco.


The sharp drop in savings has led Americans to postpone contributing and, in some cases, delay retirement, Peter Orszag, head of the Congressional Budget Office, told the House Education and Labor Committee.


A new study by the AARP found that one in five workers 45 and older have stopped putting money into a 401(k), IRA or other retirement savings account during the past year.


Vought wants you to put your retirement security into the Vought Casino, and hope you have enough when it's time to retire.

Here's the AARP story, Retirement Dreams Falter as Economy Slumps. It links to the study.

This is our future we're fighting for. Let's make sure we can retire when it's time, instead of continuing to work until we drop.

4 comments:

Anonymous said...

It is no coincedence that Bowing and Voughts contracts are in negotiations during election years folks.

Anonymous said...

whats the matter fella's? Didn't like my first post?

Anonymous said...

How is it (that the contracts fell on an election year); what do you mean that it is no coincident? Please elaborate.

Anonymous said...

Your Unions name begins with INTERNATIONAL, Not NATIONAL. Vought can and probably will watch us all Fade away. Don't be Foolish and think we can't be replaced. We can all be replaced! The Union is Editing these blogs which is a Violation of OUR 1st amendment rights to protect their interest , not ours.