The Great 401(k) Hoax - by William Wolman & Anne Colamosca (Paperback)

About the Book

Drawing from reams of historical and contemporary data as well as economic, social, and political trends, the authors reveal the system's troubled 100-year history. Beyond exposing the hoax, they urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game.

Book Synopsis

According to business and finance journalists Bill Wolman and Anne Colamosca, the American public has been hoodwinked: 401(k)s, the most popular mechanism for retirement investing, were established to satisfy corporate, not individual, interests. They are replacing defined benefit-pension plans at an alarming rate and are vulnerable to the vicissitudes of the market, which -- if history serves as our guide -- is destined for at least a decade of lackluster performance. Drawing on primary historical and contemporary data, Wolman and Colamosca build a compelling case against the 401(k) as a tool for ensuring long-term financial security. They urge individuals and families to diversify their savings and investments, building conservative portfolios that include bonds, high-dividend stocks, and savings. In the process, they explore the colorful social history of our love-hate relationship with the stock market and address many key questions facing any family today, such as: How do I accumulate enough wealth to educate my children and retire comfortably? How secure are my sources of income and how can I anticipate change? Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action from the water cooler to the boardroom to the voting booth.

Review Quotes

"A call for real pension reform and a rethinking of how to provide retirement security in this country."

"A hard-hitting evaluation of the 401(k) plans...[Wolman and Colamosca] deliver a disturbing message."

About the Author

William Wolman is senior contributing editor at BusinessWeek magazine, where he served as chief economist during 1990s. An economics commentator for CNBC, he was recently named one of the leading business journalists of the century. Anne Colamosca is a former staff writer and reporter at BusinessWeek magazine. They live in New York City.