Tough Economy Has Cost Americans $2 Trillion in Lost Retirement Savings

The below article was taken from another blog but I accidentally closed it before I was able to secure the name and give credit. Anyways read the verses and then read the article about the state of America’s retirement plan that follows.

Proverbs 23:4,5 – Labour not to be rich: cease from thine own wisdom. 5 Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven.

Matthew 6:19,20 –Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: 20 But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
GOP Savings Recovery Act Will Help Rebuild Lost Savings – But Will the Democratic Majority Even Allow it to Come to a Vote?

Washington, May 11, 2009 – Too many Americans have seen their basic savings accounts, their 401(k)s, and their college savings plans all but evaporate before their eyes over the last year. A Gannett News Service piece today titled “Scrambling to Save Your Nest Egg” details the challenges facing workers and retirees as a result of the economic downturn:

“Behind the gallows humor is an uncomfortable truth: The bear market, as of March, wiped out an estimated $2 trillion in value from 401(k)s and individual retirement accounts.”

“The losses have reset retirement expectations for many older workers and exposed the dangers of a retirement-savings system that has shifted responsibility and risk onto the workers themselves.”


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