DAVID BABINEAU, MONEYWISE STAFF REPORTER
The man commonly referred to as the “father of the 401(k)” just issued an important warning:
“If you have any money in stocks or bonds, watch out. Because your savings might soon be cut by as much as 40%.”
Ted Benna, the man who created the first 401(k) savings plan back in 1981, recently spoke out about the hidden dangers buried in millions of retirement accounts.
The biggest threat has to do with a special type of mutual fund that shifts more and more money towards bonds as a person grows older.
In 2006 these funds were often the default option in retirement plans and are now in roughly HALF of all 401(k)s.
In this recent interview Benna revealed exactly why he believes this dangerous situation could soon lead to a massive crisis.
For the full story on this situation, and what it may mean for your retirement, watch the full interview with Ted Benna at the link below.
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