Enron’s revenge: Forget about retirement

http://salon.com.feedsportal.com/c/35105/f/648624/s/34541961/sc/42/l/0L0Ssalon0N0C20A130C120C0A20Cenrons0Irevenge0Iforget0Iabout0Iretirement0C/story01.htm

It’s official: America has entered a retirement crisis. Or, as Forbes understatedly put it, “the greatest retirement crisis in the history of the world.” And, while the causes are manifold — the demographic bulge of baby boomers leaving the fulltime workforce; greater worker longevity; the disastrous, 30-year shift from traditional defined benefit pensions to costly 401(k)-style plans — most experts agree that the national retirement implosion has gone critical, with an estimated 75 percent of Americans who are nearing retirement age having less than $27,000 in their retirement accounts.Even John C. Bogle, the founder of the $2 trillion mutual fund and 401(k) behemoth Vanguard Group, recently admitted that the system of retirement plans that rely on 401(k)s is broken.“[401(k)s were] designed as a thrift plan, and it doesn’t work as a retirement plan,” Bogle declared.Continue Reading…

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