Overlooked truths of retirement accounts
Nearly half a century ago, on Labor Day 1974, President Gerald Ford signed the Employee Retirement Income Security Act. The bill created Individual Retirement Accounts (IRAs) and essentially paved the way for 401(k)s, 403(b)s, and a host of imitations. Retirement experts have been beating up on the accounts ever since. Two fresh examples aim specifically at 401(k)s, easily the most common of the type. One was an in-depth article asking a serious question, “Was the 401(k) a Mistake?” The answer, equally serious, was an emphatic “yes”. By coincidence, the second critique also ...
