The 401 K plan is the favorite for many Americans as it allows you to save tax free until you are 59 1/2 where you can leave it there or take some or all of it out tax free!
Marvellous idea!
A lot of people in America should have thought about it back in the day and are reaching retirement age and don't have much to show for the years of work.
In 2011, only about 60% of American households nearing retirement age have 401(k)-type accounts.
That figure sounds wonderful but you can have a 401K with as little as $100.00 in it.
There are people who put money in stocks and had their friends like Bernie Madoff here (who made off with their money ) take them for a ride.
Others put money in government bonds etc.
There are IRA's and Roth IRA's.
We don't look to advise people where to invest their money because it isn't our field but we do advise them to think carefully about starting something secure as young as possible.
Talk about investments...
This author bought a 1960 Fender Stratocaster guitar in 1976 for $106.00.
It was sold in 1993 for $2,800.00 as it was a collectible.
In November of 2011 the same instrument is going for $28,000.00 Damn!
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Social-Security.biz
