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Retiring: When Your <i>401(k)</i> Fails (Volume 1)

Retiring: When Your <i>401(k)</i> Fails (Volume 1)

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For its first 30 years, the 401(k) era has been a failure. The value of the 401(k) savings of a typical household nearing retirement is about a quarter of what is needed for that family to maintain its standard of living in retirement. The next generation, Gen-Xers, are in even worse shape. Retirement finances are complex and with inadequate savings and little margin for error, we need to get these decisions right the first time. Many are practically irreversible. Receiving Social Security benefits at age 62, for example, as the majority of retirees do, can lock in the lowest benefits for both you and your spouse for decades. Retiring When Your 401(k) Fails explains your options and helps you make the right decisions at the right time, whether you are about to retire or just beginning your career. Dirk Cotton is a financial planner specializing in retirement and a registered investment adviser in Chapel Hill, North Carolina.