How much 401(k) fees chip away at your retirementRecently, The Online 401(k) team was hanging out near Union Square in Manhattan, doing their last few interviews for their independent documentary, Broken Eggs: The Looming Retirement Crisis in America

Dressed in crisply ironed shirts, looking just a bit tan, their refreshed appearance belied the six sweaty weeks they'd just spent on the road in their trusty 1970s-era VW bus, on a cross-country trip to take soundings of our nation's soured financial dreams.

The initial trailer for the film (below) shows Americans have no shortage of pessimism about their retirement prospects.

"This is the U.S., man," a mustachioed elderly gentleman in a cowboy hat says. "What ever happened to the dream, you know, of the U.S? Everybody in life is in a race to a stoplight."

Translation: At the end of the road, these days, Social Security won't even cover many people's insurance policies. Folks around the country had similarly grim sentiments about their dwindling or non-existent 401(k)s.




And though the people in the clip above were glib about the retirement crisis, there is an air of tension surrounding the topic.

"401(k) is the new 'F word'," said Andrew Meadows, consumer and brand ambassador at The Online 401(k). "It's like talking about your dysfunctional family or your sex lives. People aren't prepared, and it's awkward."




The current reality of our retirement prospects is, after all, a somber one:
  • 46% of American workers have less than $10,000 saved for retirement.
  • 74% of American workers expect to keep working once they "retire" and 40% expect to keep working until they drop.
  • 36% of Americans say they don't contribute anything to retirement.
And though the documentary team from The Online 401(k) came back from the trip with a little less money than they had planned in the retirement fund -- having left $375 in Schurz, Nev., where a cop nabbed them for speeding -- capturing some of this collective dialogue on retirement proved valuable on its own in the midst of this crisis.


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Tiffany

This is a MUST READ: The Great Wall Street Retirement Scam by Rick Bueter

July 26 2012 at 2:16 PM Report abuse rate up rate down Reply
jhrooney

The baby boom generation figured they would never get old, spent almost everything, on the kids and anything else and now face the sobering reality they are old, and will have to work, until many of them drop. All the goverment goodies over the decades by both parties broke the country so don't count on Uncle Sam to bail you out. It is all about you as usual, only this time, mom and dad are long dead and won't protect you. Washington, DC or state, can't either. so get a grip and go to work, maybe two jobs.

June 20 2012 at 6:00 PM Report abuse +1 rate up rate down Reply
chris1011

Your biggest problem righties is that Americans see Romney as a phoney. Read it and weep suckers: http://blogs.wsj.com/washwire/2012/06/20/poll-shows-obama-with-big-national-lead/

June 20 2012 at 3:57 PM Report abuse rate up rate down Reply
cpo1514

yeph... time to oust the bamster.... he has driven the USA into the ditch with Nancy & Harry at the wheel.

June 20 2012 at 10:45 AM Report abuse +1 rate up rate down Reply
2 replies to cpo1514's comment
chris1011

Yep ... time to oust the Bohner and the Baggers ... they have driven the USA into the ditch just like ol wobble neck Mitch McConnell said they would on the very day of Obama's inauguration.

June 20 2012 at 3:07 PM Report abuse +2 rate up rate down Reply
jdykbpl45

Add Bernake to the list.

June 21 2012 at 6:18 PM Report abuse +1 rate up rate down Reply
ilm9p

Pessimisim only among the working folks, did you notice that? No worries among the all the dirty animals on welfare because cradle to grave they'll have it all paid for. No a worry, not a care amongst that scum. Free housing, free utilities, free healthcare, free food, free phones, free everything! Why don't you do a bit about all the filth on welfare in this Country, why don't you do a bit about that vermin that leeches off the back of the working class?

June 20 2012 at 7:18 AM Report abuse +1 rate up rate down Reply
n5monthsocrapleft

THE MUSLIM CLOWN DROVE AMERICA INTO ECONOMIC DISASTER N TANKED ALL AMERICANS 401K'S N THERE IS NO "HOPE" N NOTHING WILL "CHANGE" UNTILL THIS MUSLIM CLOWN IS REMOVED FROM OUR WHITE HOUSE IN HANDCUFFS. ! !

June 20 2012 at 6:01 AM Report abuse +3 rate up rate down Reply
2 replies to n5monthsocrapleft's comment
Rich

though admittedly I do not like politicians.................I feel that when the people at the asylum give you a few minutes of free time one would think that you would have something better to do than write drivel..........

June 20 2012 at 9:58 AM Report abuse +1 rate up rate down Reply
1 reply to Rich's comment
chris1011

He gets a nickle with every post from his overlords, the Koch brothers.

June 20 2012 at 10:39 AM Report abuse rate up rate down
rgkarasiewicz

I can agree that Obama is a clown, but you can be sure that we'll just get another one in there come November.

June 20 2012 at 12:53 PM Report abuse +3 rate up rate down Reply
1 reply to rgkarasiewicz's comment
jdykbpl45

When playing poker, always cut the cards.

June 21 2012 at 6:20 PM Report abuse +1 rate up rate down