Interesting Article on 401(k)'s

A recent Miami Herald article quoted Fidelity data citing that the average 401(k) account balance today is $66,900.  Also noted in the article was that "in 1983, 62 percent of workers had only company-funded pensions, while 12 percent had 401(k)s, the Center for Retirement Research at Boston College said. In 2007, those numbers were 17 percent and 63 percent, respectively."  "The life expectancy of a 65-year-old U.S. male is 82, and 85 for a 65-year-old female, according to the Social Security Administration."

Those still in the accumulation phase of their careers should have a game plan for those next 10, 15, 20 years until retirement to ensure you have enough to live that life you want.  Unfortunately the plan, mentioned in the article, being proposed in Congress to make mandatory annuities in retirement plans is not going to provide anything other than sub-par returns which equates to a mediocre life in retirement at best.  Having a plan to take advantage of the up periods and avoiding losing big chunks of assets in the down periods is the way to have a significant nest egg for retirement.