The Great 401 Hoax by Bill Wolman
The Great 401(k) Hoax: What You Need to Know to Protect Your Family and Your Future

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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.

About Bill Wolman

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Wolman is Chief Economist at Business Week magazine and CNBC television, where he appears regularly. He holds a Ph.D. in Economics from Stanford University. Colamosca is a former Business Week staff writer.
Published May 1, 2002 by Basic Books. 256 pages
Genres: Business & Economics, Professional & Technical. Non-fiction

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