Frontline had another revealing program tonight. They concluded that many of the baby bomers may not be able to retire or if they do then Social Security may be their only source of income.
Much of the program examined the strengths and weaknesses of the 401 (k) plans. Anyone who has a 401 (k) or equivalent plan would be well to read the frequently asked questions that PBS have on their web site. Some of the important questions are what are the advantages of 401 (k) for employees, for Companies and what are the pitfalls for employees.
The program also pointed out that those with these plans need to self manage them rather than let them take care of themselves. That is good advice. Why do I say that? Well for the most part I didn't manage mine well enough.