The Retirement Decision: Achieve Financial Independence with Your 401(k)
45 million Americans participate in company sponsored 401(k) plans. These workers are diligently saving and investing for their anticipated retirements as the country quietly moves away from the old world of comprehensive government guardianship to a more modern notion of “ownership society.” Responsibility for financial security in retirement is shifting subtly away from the collective and toward the individual.
This impending “ownership society,” like any new frontier, is rife with meaningful opportunities as well as pronounced risk. Redistributing wealth back to the individual will unquestionably produce mixed results. Some workers will very likely experience much prosperity while others may get left behind as they encounter unforeseen hazards along the way. One factor, however, appears indisputably certain: employee education will emerge as a major determinant as to whether workers prevail or fail in their efforts to become financially secure in retirement.
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