Friday, November 07, 2008

Over $2 Trillion in Retirement Account Losses

According to the Congressional Budget Office, as much $2 trillion have been lost in retirement savings for the 15 months ending in September, 2008. Since the Dow declined 14% in October, 2008, I expect the losses are now well over $2 trillion.

It isn't surprising that the government would track these numbers. At a tax rate of 15%, this is equal to over $300 billion in lost future tax revenue for the federal government and about $100 billion for state and local governments.

For more on Reaping the Rewards, check back every Friday for a new segment.

This is not financial, retirement or tax advice. Please consult a professional advisor.

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