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America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need by Jane White

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Chapter 2How to Save Wisely Until We Get 401(k) Reform and How to Make Reform Happen

Those of you who are fortunate enough to work for an employer who offers a regular pension—known as a defined benefit plan—may feel less pressure to save in your 401(k) plan, if your employer offers one. But I wouldn’t count on defined benefit plans because, as I pointed out earlier, in the same fashion that the economic meltdown has induced many employers to suspend their matching contributions to 401(k) plans, increasing numbers of companies are “freezing future accruals” to defined benefit plans, which means you’ll stop earning benefits and new hires won’t get any benefits.

In addition, while some of you may be fortunate enough to work for companies ...

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