Guy who wrote book in favor of 401ks in the 90s - can't retire cuz his 401(k) is now in tatters

[SoCalDem]

53. Yep..Pension + SS + 401-k = security

Except for the part where the corporations then eliminated pensions, and the upper cap on SS was held ridiculously low, and the Boomers were sold the bill of goods about how we would have our deductions doubled so that we were prepaying our own SS, as well as augmenting our grandparents'/parents' SS..

and of course money put automatically into 401-ks that would be "held" for us for 40 years gave wallstreeters plenty of time to gamble with our money, and the ones gambling would be long-gone (or super-rich or both) by the time we all realized how badly we got scammed.

Money saved in a bank was accessible to us, and not all that available for the fat cats to play with longterm.

and of course now that SS is federally taxable, people who need to take it to augment their incomes are limited in how much they can earn (if they are lucky enough to make a decent income at the job they must hang onto), or they get hit for taxes owed every year. We had to fork over $3,116.00 to the IRS this year, and that was on top of the almost $7K withheld from my husband's job. My SS comes to $10,008.00 annually, so my whole SS payment goes to pay the taxes we owe...