Back in 1999, when the stock market was screaming upward and everyone was fawning over their 401(k) accounts that seemed to be doubling every two years, I went out on a limb and predicted these workplace retirement plans would become a financial debacle, the likes of which this country has never seen.
I offered a solution; the creation of a personal investment account that acts like a traditional pension, allowing investors the opportunity to invest in a vehicle that would provide a lifetime monthly payments upon retirement.
TERESA GHILARDUCCI wrote an insightful piece recently in The New York Times that highlights our country’s “ridiculous approach to retirement.” This article points out many of the shortfalls of our current approach, and offers a smart alternative to addressing this national retirement crisis.