401k-losses-linger-for-young-people: Personal Finance News from Yahoo! Finance
And folks wonder why we Xers are so cynical ...
And folks wonder why we Xers are so cynical ...
Quite true. My/DW respective DB (pension) were eliminated in the early 80's and replaced by 401(k)'s and IRA's, when we were in our mid-30's.The other factor to remember is that for the vast majority of boomers investing didn't exist in the 70s. No IRAs, no 401Ks.
Of course we don't know what will happen for the Xers going forward. The other factor to remember is that for the vast majority of boomers investing didn't exist in the 70s. No IRAs, no 401Ks (Note: these things were developed in the 70s but not ubiquitous or well understood). So the older Boomers started out with no savings just like newbies whacked by the current recession. If you polled the older members of this forum you would find that many (if not most) of us started seriously saving in our 30s or even 40s. Clearly, many of today's youth also fail to invest but they are inundated with reminders of the importance to do so and they have new vehicles available to them that were not there 'Back in the day."