RSS FeedIn my recent study, Ten Ways to Wreck Your Retirement, I pointed out that relying too much on home equity for retirement income can spell trouble. A Wall Street Journal article has reiterated the potential pitfalls of relying on a mortgage to make you rich.
It looks like hand-wringing over 401(k) accounts is the new trend for 2009. On one hand, it is scary to look at those quarterly statements and see one-third of the balance virtually evaporated. On the other hand, 401(k) accounts have become somewhat of the scapegoat for anything that goes wrong with retirement planning. The way the media writes it and Congress talks about it, one would think that individual retirement accounts are a complete failure and that only government can effectively manage our retirement planning.
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