http://money.cnn.com/2010/07/14/retirement/boomers_retirement_savings/index.htm This doesn't even take into account the number of Gen Ys who will need to be supported and live at home!! :eek:
The government (for its own selfish political reasons... and to the detriment of us all) has always said, "SPEND, SPEND SPEND... YOU CAN HAVE IT ALL... DON'T HAVE THE MONEY? CHARGE IT!" Tax policy discouraged savings and investment.. even punished it. Now, we're at the crossroads and in a bind. Who with half-a-brain would expect anything different?
Too bad, The same babyboomers who lead this country in the wrong direction. Looks like the handgrenade blew up in thier hands.
http://www.govexec.com/story_page.cfm?articleid=45514&sid=2 That's a great article about the gov't 401k plan . . . I'd love to know how the guy with the $3 million account was able to accumulate that stash with only 5 investment options.