Tuesday, August 12, 2008
Monday, August 04, 2008
(k)Plans: Miss Match?
With automatic enrollment an increasingly prevalent tool for boosting participation in 401(k) plans, some retirement savings experts are asking whether plans should consider eliminating their employer match.
http://www.plansponsor.com/magazine_type3/?RECORD_ID=42450
http://www.plansponsor.com/magazine_type3/?RECORD_ID=42450
Friday, August 01, 2008
August 2008 articles
NPR “All Things Considered,” “Economic Woes Force Many To Postpone Retirement”|August 3, 2008
Older workers are more concerned about their retirement than ever before. “Last year in 2007, 27 percent of active workers were very confident. That dropped all the way down to 18 percent this year, and that’s the single largest decline we’ve ever had,” said Jack VanDerhei, a professor at Temple University, and researcher at the Employee Benefit Research Institute in Washington, D.C.
http://www.npr.org/templates/story/story.php?storyId=93241950
August 11, 2008 | BusinessWeek
Many studies have shown that women lag behind men in saving for retirement. The savings gap is expected to persist for the next 40 years or so, projects researcher Jack VanDerhei, a Temple professor at the Fox School of Business.
Allentown Morning Call|"A moving target"|July 27, 2008
Writes Gail MarksJarvis: "Baby boomers who never got around to saving as much as they hoped promised to keep working past retirement age. The joke in the generation has been: 'I'll just work forever.' And the intent has shown up repeatedly in research. But now along comes an economic downturn, and people are losing jobs. It looks as though Plan B, a lifetime of working, might not be an option to rescue undersavers after all. 'It's a perfect storm,' said Jack VanDerhei, a Temple University professor and fellow at the Employee Benefit Research Institute."
http://www.mcall.com/business/local/all-yourmoney.6518405jul27,0,7066579.story
Chicago Tribune|"Chasing down retirement"|July 27, 2008
Jack VanDerhei had the lead quote in an article on retirement for Baby Boomers. "It's a perfect storm," said Jack VanDerhei, a Temple University professor and fellow at the Employee Benefit Research Institute. Too many people approaching retirement age have saved too little, accumulated too much debt, stretched too far on homes that have lost value and never made good on the promise to save more tomorrow, he said.
Consuelo Mack WealthTrack|July 26, 2008
Jack VanDerhei, RIHM professor, was a featured guest on last weekend's Consuelo Mack WealthTrack on public television. Host Consuelo and VanDerhei discussed the financial plight of retiring baby boomers and how, even at this late date, they can increase their retirement income. He was joined by Barclays Global Investors' Matt Scanlan, co-author of "The Future Shock of Retirement," (a new study warning how much Americans are underestimating their retirement needs), and investment strategist Jason Trennert, founder of Strategas Research Partners. WealthTrack, which Money Magazine recently named the best financial show on television, is the only investment program devoted to long-term, diversified investing. Its format provides guests with sufficient time to have a real discussion, an increasingly rare experience. It airs weekends on some 195 public television channels around the country, including two in New York. On Friday evenings it is shown at 7:30PM on WLIW, channel 21 and on Saturday mornings at 8AM on WNET, channel 13.
October 2008 articles
USA Today|"401(k) losses: Older investors' retirement funds hit hard"|October 31, 2008
Jack VanDerhei, RIHM professor, was recently quoted in USA Today. If they don't have a pension plan and are relying only on a 401(k), the bear market will cut their retirement income by 13.4% to 17.7%, according to analysis by Jack VanDerhei, research director of the Employee Benefit Research Institute.
http://www.usatoday.com/money/perfi/retirement/2008-10-30-retirement-401k-funds-stocks-savings_N.htm
LA Times|"Market downturn shatters faith in stocks"|October 22, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in the LA Times about the stock market.
Sun-Sentinel.com, FL |"The Savings Game: Your investment strategies must evolve"|October 26, 2008
Jack VanDerhei, RIHM professor, was quoted in an article dealing with retirement and savings. While such high allocations to stocks can be OK for younger workers, "it is less certain that those approaching retirement would receive similar recommendations," Jack VanDerhei, EBRI research director, told the House Education and Labor committee this month.
http://www.sun-sentinel.com/business/sfl-flzsave1027sboct27,0,7811576.story
Poughkeepsie Journal, NY|"To ease pain, plan to invest for the long haul"|October 26, 2008
Jack VanDerhei, RIHM professor, was recently quoted in an article that discussed retirement. The only prediction Jack VanDerhei, research director of the nonpartisan Employee Benefit Research Institute, would make about a stock rebound is this: It always has eventually. There are "no guarantees that we are going to have something within a person's life span that will get back to levels it had been," he said. "But if you look at 10-year intervals over the past, typically that's always been the situation."
http://www.poughkeepsiejournal.com/article/20081026/NEWS01/810260345
USA Today|"More companies may end 401(k) match"|October 29, 2008
RIHM professor, Jack VanDerhei, talked about companies ending their 401(k) match plans for employees in a USA Today article. The match is easy to junk because it is essentially a form of profit-sharing by a company, says Jack VanDerhei, research director of the Employee Benefit Research Institute, a Washington think tank.
http://www.usatoday.com/money/perfi/retirement/2008-10-28-pension-401k-match-ending_N.htm?csp=34
WUSA|"More Companies May Drop 401(k) Matches"|October 29, 2008
RIHM professor, Jack VanDerhei, appeared on a TV program to discuss 401(k) plans.
http://www.wusa9.com/news/local/story.aspx?storyid=77726&catid=187
Forbes|"Should a demand for change include 401(k) plans?"|October 30, 2008
Forbes magazine quoted Jack VanDerhei in a story about 401(K) plans.
http://www.forbes.com/feeds/ap/2008/10/30/ap5627671.html
New York Times|"Working Longer as Jobs Contract"|October 22, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in the New York Times that discussed retirement. Jack L. VanDerhei, research director of the Employee Benefit Research Institute, said workers would be making a big mistake if they became so frightened of 401(k)’s that they did not take full advantage of their employer’s 401(k) match. “That,” he said, “would be leaving money on the table.”
USA TODAY|"Social Security recipients to get a raise in 2009"|October 17, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in USA Today that discussed some long awaited good news for retirees. While the increase looks dramatic, "They're going to give retirees just enough to compensate for what inflation is doing to them anyway," says Jack VanDerhei, a fellow at the Employee Benefit Research Institute.
Washington Post|"Retirement Savings Lose $2 Trillion in 15 Months"|October 8, 2008
Americans' retirement plans have lost $2 trillion in the last 15 months. Employees between the ages of 56 and 65 who had the fewest years on the job were the least affected, while those 36 to 45 years old with the longest tenures suffered the steepest declines, said Jack L. VanDerhei of Temple's Fox School of Business.
Recent media hits for EBRI's national 401(k) projection model
Newspapers:
Washington Post (10/8/08) - "Retirement Savings Lose $2 Trillion in 15 Months"
Wichita Eagle (10/8/08) - "401(k)s, Pension Funds Lose $2 Trillion"
Seattle Times (10/8/08) - "Market Losses Take $2 Trillion Out of Retirement Savings"
San Diego Union Tribune (10/10/08) - "Retirement Hopes Deflate in Tumble"
Wall Street Journal (10/11/08) - "Crisis on Wall Street: Statement Shock Hits 401(k)s"
Washington Post (10/12/08) - "Retirement Wreck: Are 401(k)s Still Viable for Saving?"
Charleston Daily Mail (10/13/08) - "Market Swings Affect 401(k)s"
Boston Herald (10/19/08) - "Baby Boomers Go Bust As Retirement Savings Tank"
Providence Journal (10/22/08) - "Slide in Stocks Means Baby Boomers Have Lost a Big Chunk of Their Nest Egg"
Austin American-Statesman (10/26/08) - "Financial Chaos Undermines Security of 401(k) Plans"
Wall Street Journal (11/3/08) - "Investing in Funds: A Monthly Analysis - Financial Crisis Highlights Shortcomings of 401(k) Plans"
The Memphis Daily News (11/4/08) - "Meltdown Highlights Shortcomings of 401(k) Plans"
Fort Worth Star Telegram (11/9/08) - "Is the 401(k) a Failed Experiment?"
Los Angeles Times (11/16/08) - "Calls Grow to Overhaul 401(k) Retirement Plans"
Harrisonburg Daily News Record (12/29/08) - "401(k) Holders Advised to Sit Tight, Hold On"
Wall Street Journal (1/8/09) - "Big Slide in 401(k)s Spurs Calls for Change"
The Oregonian (1/10/09) - "What To Do When the Nest Egg Cracks"
News Service:
Reuters (1/22/09) - "US Lawmakers to Mull Reforms for Shrunken 401(k)s": This article appeared in guardian.co.uk (1/22/09); Alibaba.com
Periodicals:
U.S. News & World Report (10/8/08) - "Retirement Savers Lost $2 Trillion in the Stock Market"
Forbes (10/15/08) - "Rebuilding a Scrambled Nest Egg"
Global Pensions (10/20/08) - "DC to Remain Dominant Despite Downturn"
Plan Adviser (12/2/08) - "Younger 401(k) Participants Saw Account Balance Hike in Downturn"
Web Sites:
OpEdNews.com (10/15/08) - "The Approaching 401(k) Tsunami Following the Stock Quake"
ConsumerAffairs.com (10/16/08) - "Retirement Postponed for More Americans"
CNBC.com (10/22/08) - "Managing Retirement Savings in Volatile Markets"
Bankrate.com (10/22/08) - "Managing Retirement Savings in Down Markets"
MidwestBusiness.com (11/5/08) - "Older Workers Rethinking Retirement Plans; How to Find, Keep a Job Today"
Financial News USA (11/14/08) - "Multiple Crises Sabotage Retirement Plans"
Tampabay.com (1/8/09) - "After Market Drubbing, 401(k) Reconsidered"
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