Not completely sure what ebola has to do with Wall Street; but it seems to be having a deadly effect on what passes as our generation’s retirement pension. The 401 K.
Sometime in the early 1990’s, we were presented with the concept. It seemed at the time, they were doing us a tremendous favor. We will dissolve your guaranteed pension in favor of a program to which we will match part of your contributions. Sounds great. Why not?
That’s what was spoken. The unspoken reality is that you could lose all or part of your plan if stock prices should fall. And, of course, they did; especially in 2007. We lost more than half of the value.
Here we are in 2014, trying not to watch as history and fear sends our investments back down to the nether regions.
My father was a lifelong Union man, steelworker. The benefits to himself and his family are virtually unheard of in today’s economy. We will never have the security of a guaranteed pension, health care, life and accident insurance, 13-week vacations after years of loyalty, etc.
And to think of how anxious I was to leave the blue collar town of my upbringing for an education, and a better life.