Quote of the Day

"In the last couple of decades, employees lucky enough to have employer-based retirement benefits happen to be moved from defined benefit intends to defined contribution plans. We're now seeing the outcomes of this grand experiment, and they're frightening. Recent and near-retired people, the very first major cohort from the 401(k) era, don't have nearly enough in retirement funds to even compare to maintaining their current life styles. Frankly, that's an positive method of putting it. Allow me to be alarmist as it were, because the truth is the amounts are really alarming. You should be worried that giant amounts of individuals approaching retirement is going to be not able to have their houses or still pay their rent."—Duncan Black, also known as Atrios, inside a must-read column in USA Today.