Retirement: A Dream Deferred

Posted on | October 20, 2008 | No Comments

Americans’ retirement plans have lost as much as $2 trillion in the past 15 months.

–Peter Orszag, the head of the Congressional Budget Office

The implosion of the financial industry has sent stocks into a death spiral, decimating retirement accounts that were heavy in stocks and piling yet another carcass at Americans’ doorsteps.  We’re already contending with the stench of squashed home values, expired credit, and lost jobs.  These things have also contributed to a loss of value in retirement accounts as more Americans stop contributing to their 401(k)s and IRAs because they’ve lost jobs.

The AARP reports that, because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.

Many Americans–young and old–will have to consider the possibility that the dream of retiring soon may be a dream deferred.

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