The Great 401 (K) Hoax: Why Your Family's Financial Security Is at Risk, and What You Can Do about It

The Great 401 (K) Hoax: Why Your Family's Financial Security Is at Risk, and What You Can Do about It

by William Wolman, Anne Colamosca
     
 

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The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this

Overview


The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this was the latest act in the gradual erosion of the nation's retirement system. Drawing from reams of historical and contemporary data as well as economic, social, and political trends, they reveal the system's troubled 100year history. Beyond exposing the hoax, the authors urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game. 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.

Editorial Reviews

USA Today
A hard-hitting evaluation of the 401(kplans... [Wolman and Colamosca] deliver a disturbing message.
Boston Globe
A call for real pension reform and a rethinking of how to provide retirement security in this country.

Product Details

ISBN-13:
9780738208527
Publisher:
Basic Books
Publication date:
04/01/2003
Pages:
262
Product dimensions:
5.90(w) x 8.90(h) x 0.70(d)

Meet 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.

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