An alarming number of workers cash out 401(k) plans

[Johnny2X2X]

11. I do fear for my generation

Gen X is the first generation that could see reductions in social security payments. They're the generation that saw pensions go away.

And yeah, I look at it in terms of years, not dollars. If Social Security is still there for me in 10 or 12 years, I can retire. If it's reduced to 80% payments I will work another year or two. If the Republicans get their way and do away with it all together, I will work until 70 at least.

Gen X's media 401K savings is like $70K depending on where you look for the data. These are people who will start retiring later this decade. It's going to be ugly for far too many people.