Released: September 12, 2007

Determining the size of your nest egg

Source: Albert B. Crenshaw, Washington Post (Free Registration)

“You’ve got to be very careful if you don’t know where you’re going,” Yogi Berra once said, “because you might not get there.”

The great New York Yankees catcher probably wasn’t talking about retirement, but his fractured syntax captures a solid truth about the worry and uncertainty facing American workers as they look ahead and try to plan for a secure old age.

With the fading of traditional employer-funded pensions, millions of workers and their families will have to depend on Social Security and whatever money they have been able to accumulate through 401(k)-type retirement plans and their own savings to support them when they stop working. This shift of responsibility for retirement well-being onto individuals and away from their employers looms as one of the most fundamental and perhaps most worrisome changes in the economic lives of Americans since the Great Depression.

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