According to a Chicago Tribune article published today, approximately one-third of all Baby Boomers polled reported having recently stopped making payments into their 401 K retirement accounts. Aside from the negative tax implications, this is a shocking figure. Just at a time when those in the 44-64 age group should be maximizing their savings for retirement, many are drawing down their nest eggs.Aside from the fact that the recession is starting to bite and gas prices keep skyrocketing, the implications of this factoid are downright frightening. Even if Social Security remains solvent (doubtful), these people are going to be in real financial trouble as they become senior citizens.
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