The 401(k) account has become one of the most popular and most commonly held investment accounts in the country. Over the past 30-40 years, we have seen the number of 401(k) plans steadily rise and the number of pension or Defined Benefit plans steady decreasing.
Employers have decided to shift and are now opting to install the less-expensive Defined Contribution plan, so we have seen assets in these plans balloon to unprecedented levels, both due to the sheer amount of plans and participants there are as well as the stock market growth we have experienced over the past 5-6 years.
Tune in to Income For Life Radio next week as we discuss with our listeners about how to have a better understanding of how important their 401(k) balances are, because the lack of education across all facets of these Defined Contribution systems is blatant. We will discuss: