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...haven't been nearly so rewarding. When Boston College's Munnell looked at the returns 401(k)s have actually produced compared with the projections, the difference was sobering. The average 55-to-64-year-old should have a 401(k) balance of $320,000. In fact, at the end of 2007, the average 401(k) of a near retiree held just $78,000 - and that was before the market meltdown...
...becoming a victim of this huge flaw in the 401(k) plan are pretty high. The market fell in four of the nine years since the beginning of the decade. That means anyone retiring this decade had a nearly 50% chance of leaving work in a down market. In fact, your chances of retiring into a down market are even greater than that: forced retirements spike in recessions just as the stock market is tanking...
...market carnage, there is some backing for the idea - not to mention anger and disappointment among retirees who can't really retire. Recent opinion polls show that people would be willing to give up the flexibility of a 401(k) for a guaranteed return. What's more, the fact that ERIC supports a guaranteed plan is encouraging. "Whether the 401(k) is a perfect plan or even the right plan is something that is being questioned in Congress," says Democratic Representative George Miller of California, chairman of the House Education and Labor Committee. "When you have seen the market...
...news article "Gingrich Touts ‘Tripartisanship’" incorrectly referred to Alee Lockman '10 as a former secretary of the Harvard Republican Club. In fact, she was a vice president there...
...widely held perception that President Zardari has bowed too easily to foreign demands. According to a recent poll published by the International Republican Institute, 80% of Pakistanis opposed their government's cooperation with the U.S. war on terror. That figure represents a 19-point rise since March, despite the fact that opposition to Pakistan's domestic Taliban militants has risen to an all-time high. But Zardari sees the clamor as politically motivated: "Pakistan received American aid twice before, in 2001 and 2007, and there was no such controversy," says presidential spokesman Farhatullah Babar. "At that time Pakistan was being...