NOT MY 401(k)

From Instapundit: because the stock market is down, people are saying the 401(k) has “failed.”

Today most workers with pension coverage have a 401(k) as their primary or only plan. Yet 401(k)s still operate under the old rules and the balances in these plans will likely be insufficient as the sole supplement to Social Security.

Ha! Since I’m nearing retirement age, I’ve spent a considerable amount of time looking at Social Security income versus income derived from 401(k) accounts.

My first post is here, where I pointed out that my retirement income would be roughly 50% greater if I had been able to invest my FICA taxes in a 401(k)-like account.

My second post looked at the minimum wage earner and showed that he would also be better off.

My third post looked at the aftermath of the current recession – I’m still better off.

The New York Times would be better off with journalists who had some common sense and a few math skills.