mikeandgerry wrote:Everyone was given that advice before investing.
No.... My wife is an RN, the hospital used to pay it's nurses a retirement. Ten yrs ago they did away with that retirement system and gave each nurse a lump sum that was put into a 410B. There was zero choice, other than you could tell them "I want risky" or "I want less risky". We took "As freakin' low risk as possible". At this point she has lost about 35%.
The old plan: Nurses after 30 yrs got 80% of average income, and free medical care.
The new plan: BEFORE this collapse it looked like she'd get 23% of her average income and zero medical..now? HA!