I mentioned that I am reading Hedrick Smith’s book, Who Stole the American Dream?“ Nearly 30% into the book I came across this bit of data. “The 401(k) track record is not good. After twenty-five years, the typical account balance was just $17,686 on January 1, 2011, according to the Employee Benefits Research Institute (EBRI), which tracks 401(k) records for twenty-two million people. The typical 401(k) nest egg of people in their sixties, who have been in a 401(k) plan for twenty years and are nearing retirement, is $84,469. The Center for Retirement Research at Boston College puts the figure at $79,000 for those between fifty-five and sixty-five.”
The average American worker is in a heap of trouble.