Half the U.S. working population does not have a 401(k) plan or traditional pension

[NNN0LHI]

http://www.suntimes.com/business/currency/2678838,CST-NWS-Labor06.article

'I think I'm never going to be able to retire'

Many see grim future as they're forced to tap into savings

September 6, 2010

BY FRANCINE KNOWLES [e-mail]

Debby Rabeor's husband cut his 401(k) contributions in half, and she hasn't contributed to retirement savings in more than a year. The Chicago couple can't afford to do more -- Rabeor has been out of work for 13 months.

Edgar Roman has borrowed twice from his 401(k) plan, and his wife's retirement savings have been drained. They had to take the steps to help pay the mortgage on their Franklin Park home after his wife lost her job. She landed another, but it's at a third of her previous pay. snip

"Things weren't great before the recession," said Nancy Hwa, communications director for the Pension Rights Center, noting that many Americans weren't on track for a secure retirement before the bottom fell out of the economy. "The recession worsened things."

To start, half the U.S. working population does not have a 401(k) plan or traditional pension. Many employers have halted 401(k) matches. Workers are still reeling from recent stock market tailspins. Experts point to a coming "crisis" of underfunded pension plans. (Some public pension plans in Illinois are underfunded by as much as 60 percent to 77 percent.) Others worry about Social Security's solvency.

[Monique1]

1. My pension plan

forced me to save. I could not borrow from it. When I retired I had a pension that I donated for 23 yrs. There were times I wanted to borrow but thank God I couldn't. Of course the Chamber of Commerce in Az want to take it over now.