- Current Issue
SIGN IN to access Harper’s Magazine
Need to create a login? Want to change your email address or password? Forgot your password?
1. Sign in to Customer Care using your account number or postal address.
2. Select Email/Password Information.
3. Enter your new information and click on Save My Changes.
Subscribers can find additional help here. Not a subscriber? Subscribe today!
If your year-end 401(k) statement made you ill, I have one consolation for you: It could be worse. How’s that possible, given how horrible last year was for investors?
Simple. If you’re not close to retirement, you’ve got time to recover. If you’re in the retirement-age zone, as I am (I’m 64), at least you’ve got the option of hanging on until things get better. If you’re in the mandatory-withdrawal part of life (older than 70 1/2 ) or just need some retirement cash, you can take a minimal distribution this year and hope for the best.
If, however, you were forced to buy a lifetime annuity with your current balance — when you buy such an annuity, you trade your cash for a series of guaranteed payments for the rest of your life — you’d be making your loss permanent. That’s how things could be worse.
That is what could have happened to many people under President Bush’s proposed Social Security privatization program. It would have required people of modest and very modest means who invested their Social Security taxes in the market to turn some or all of those accounts into annuities when they hit retirement age.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Number of U.S. states where insurance companies can consider spousal abuse a preexisting condition:
Sherpas warned that global warming was making it more difficult to climb Mt. Everest.
In Norfolk six black-tipped reef sharks, a bonnethead shark, a bowmouth guitar shark, six penguins, and a green sea turtle were evacuated from the Hunstanton Sea Life Sanctuary because of flooding.
Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!
Notes on South Africa’s failed revolution
“I will never know what goes on in your mind, or what that shield of a smile behind which we try to advance should tell us.”