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CBS 60 Minutes on the 401(k) Fallout

If 60 Minutes said it on CBS during Prime Time television, it must be true. Right?

In his very eye-opening and intriguing report, Ira Rosen talks to 401(k) and Wall Street insiders, whom I call “behind the sceners.” Although “sceners” is not a word, you get the picture, and you know what I mean.

When Ira poses the question, “What type of a retirement plan allows millions of people to loose 30 – 50 percent of their life savings, just as they near retirement?” – The answers from the “behind the sceners” and “insiders” are frightening. As hidden fees, and and the 401(k) broker mindset is exposed, “insiders” refer to the typical 401(k) investors as “a financial novice, who doesn’t know the difference between a stock and a bond.”

Also, the irony in the statements made by a 401(k) lobbyist, who claims the let down of the 401(k) is not a 401(k) problem, but “an entire investment system problem,” is even more frightening.

I am aware that Trillions of dollars have evaporated from 401(k) accounts and IRAs, and tens of millions of people, at this point, cannot afford to retire. Even worse, in this unstable employment market, they cannot even find a job.

Up until yesterday, this type of information has been only distant news to me. On yesterday, a very dear and close friend was laid off from Sprint where he’s worked since 1996.

In the middle of this mixed up mess, I can assure you this – THERE IS LIGHT AT THE END OF THE TUNNEL! However, you must have the right map, and you must be willing to dig your own way out.

Why have so many real estate investors chosen real estate as their retirement and investment vehicle? Take a look with your own eyes, and have a listen with your own ears, to this jaw-dropping CBS report…then you be the judge.