The last 401(k) generation?
Will the baby boomers be the only generation to retire with 401(k) plans? It could happen.
Last week many of the nation’s biggest thinkers on retirement got together in a Senate hearing room to discuss the future of pensions and retirement. There were representatives of unions, employers, financial services providers, government agencies and consumer groups.
There are a lot of proposals and products floating around now that are designed to address these shortcomings and issues. Anyone under the age of 50 should watch that space; policy changes down the road could change the shape of their retirement savings significantly, and everything from a curtailing of 401(k) tax breaks to new state- run programs is under consideration somewhere, by somebody.
You always have options. The financial services world is large and competitive, and there’s no law that says you have to keep your money in your 401(k) forever.