We hope you enjoy your job, because you’re going to have to work much longer before you can afford to retire.
LA Times: Americans’ retirement plans have lost as much as $2 trillion in the past 15 months, Congress’ top budget analyst estimated today.
…More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined.
Orszag indicated the fear is well-founded. Public and private pension funds and employees’ private retirement savings accounts — like 401(k)’s — have lost some 20 per cent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added.
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