Missed Fortune – The 401(k) Fallout
Posted on | April 26, 2009
Podcast: Download (23.0MB)
We want to welcome another new station to Missed Fortune Radio: KTRB 860 AM in San Francisco, CA
Sixty Minutes did a special this last week on the 401(k) fallout. Click here to see the video. “Conservative” advice has been telling us to put our retirement savings in 401(k)s and IRAs for decades. How many of you have lost 30%, 40%, or even 50% or your retirement account values in just the last couple of years? You are not alone. When you lose 50% of your account values you need to get a 100% gain just to get back to break even. That could take years.
My advice has remained the same during good economic times and bad. We protect people by having them put their money in places that don’t go down in value, especially during rough economic times. I have never put one dollar of my own money in an IRA or 401(k). My conservative investments haven’t lost a dime in the last couple of years. Our clients who have followed my advice haven’t lost their serious cash during this economic storm.
*Life insurance policies are not investments and, accordingly, should not be purchased as an investment
Tags: 401(k) > 401(k)s > Baby Boomers > Cash Value Insurance > Doug Andrew > Economic Crisis > IRA > IRAs > Max Funded Insurance > Missed Fortune > Missed Fortune Radio > Safety of Principle
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