mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Only one in twenty of my fellow boomers evidently have taken advantage of the "catch up" opportunity to stash away an extra grand each year in a tax advantaged fund. I guess that I should not be surprised as they have not exactly done a steller job in long-term investing when given other opportunities in the past.
I guess that they are relying on those fat SS checks that are sure to be there in the future!
http://www.bankrate.com/brm/news/sav/20060310a1.asp
But research indicates that few people are taking advantage of the opportunity. A study of 2,000 401(k) plans, administered by mutual fund giant Vanguard, shows that only 13 percent of the eligible participants made catch-up contributions in 2004. A study by the Washington, D.C.-based Investment Company Institute, or ICI, focused on IRAs: While about 41 percent of American households own IRAs, just 6 percent made catch-up contributions in tax-year 2004, according to the report.
I guess that they are relying on those fat SS checks that are sure to be there in the future!
http://www.bankrate.com/brm/news/sav/20060310a1.asp
But research indicates that few people are taking advantage of the opportunity. A study of 2,000 401(k) plans, administered by mutual fund giant Vanguard, shows that only 13 percent of the eligible participants made catch-up contributions in 2004. A study by the Washington, D.C.-based Investment Company Institute, or ICI, focused on IRAs: While about 41 percent of American households own IRAs, just 6 percent made catch-up contributions in tax-year 2004, according to the report.