Bogle Says Retirement Crisis Has Three Parts
John Bogle, the crusty former Chair of The Vanguard Group, recently spoke out about the retirement crisis in America. According to Bogle, there are three aspects to this crisis:
- Social Security insolvency
- Woefully underfunded corporate and government pensions
- Ridiculously high costs of most 401(k) plan investment options.
Bogle didn’t list specific remedies for these blights upon the retirement landscape, but he did say Americans need to take it upon themselves to provide for a safe and secure retirement. They need to save aggressively and use low-cost index funds as investments. We couldn’t agree more. Thanks John.