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Northwest Voices

Seattle Times letters to the editor

March 3, 2014 at 4:52 PM

Retirement: 401(k)s a failure

Rep. Larry Springer’s and Terry Gardiner’s guest column in The Seattle Times about the STaRT retirement plan says it all [“How to help small-business workers with a retirement plan,” Opinion, Feb. 26].

We need a supplementary retirement system along with Social Security to prevent poverty in retirement years. All 401(k) plans are a total failure. The average amount in a 401(k) at retirement is $78,000 — not at all what you’d call a retirement account.

STaRT follows you from job to job and is not subject to the uncertainties, immoralities and fees of Wall Street. Being in the service and entertainment industry most of my life, I could have enjoyed and focused much more on my work knowing I had a supplemental retirement account.

A state-run retirement plan can finally cover the 77 percent of the small business employees that today live with the uncertainties of retirement.

William McQuaid, Seattle

Comments | More in Retirement | Topics: 401(k), Rep. Larry Springer, STaRT retirement plan

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