Thursday, January 31, 2008

What I'm Hearing...401(k)s

Anyone who’s familiar with the magazine Time Out New York knows that they like to publish articles that push boundaries and get people talking. In issue 642, they published an article called “401ks are for suckers.”

The best part of the article is that I recognize the location on 10th Avenue where they took the picture. It’s right by our old office.

In short, the author hasn’t saved a penny for retirement because she’s “living life” and enjoying eating out. She plans on living off “the dole at 65, eating cat food out of a rusty hubcap.”

Why should the falsely maligned “Steady Eddies” have to support her – and the millions of people like her – because some people take no responsibility for themselves? I know that she is not the only person who hasn’t saved for retirement. America’s going to be facing a large retirement crisis very soon.

Read it for yourself here

1 comment:

  1. As someone in their mid-twenties who has a similar situation of "school loans, credit-card debt, high rent, low pay and a minor addiction to eating out" I too find it hard to rationalize putting money away for "a tomorrow that many never come". But can we really count on social security to be there for us in 40 years? I'm not putting all my eggs in the government's basket - I signed up for my 401 this week.

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