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The Bad News: You Have a 401(k) Plan

By Bruce Jackson
July 31, 2006

This article is intended by the author to comprise Part Four of Four in a series on lawyer retirement planning. Parts One and Two, 'What In the World Is Going on with Lawyer Retirement Planning?' were published in the November and December 2005 issues of LFP&B. Part Three, last month, examined the history of the 401(k) and why there are problems with the popular retirement vehicle. In this part, we find out how to make things better.

Problems with 401(k) Plans ' the Results

Virtually all 401(k) participants are grossly under-funding their retirement accounts. Whatever the performance of your self-directed investments, you almost certainly have under-performed the market. And there is a good reason. You chased the market, buying what had done well in the past, and jumping from one historically good performer to another after the good performance, almost never before. You made inconsistent fund investments and failed to re-balance your portfolio.

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