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NCPA Policy Chairman
Policy Chairman Mike Whalen is one of the driving forces behind the NCPA's retirement reform efforts. “As early as next year the first of the 77 million Baby Boomers will begin to retire, and America is totally unprepared for it. This will mark the beginning over a massive conflict over resources. Can Americans protect themselves from what's coming? Yes, but it will require a fundamental rethinking of how we prepare for retirement,” Whalen said. Whalen’s interest in retirement reform stems from his involvement in public affairs on the local, state and national levels, and in his role as an employer. He developed, owns and operates 22 restaurants and hotels in seven metropolitan areas in five Midwestern states.
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An analysis by the NCPA finds that a $30,000 loan could cost a worker more than $600,000 in retirement income! See our recent publication, “ 401(k) Loans = Retirement Insecurity ,” and our new 401(k) Borrowing Calculator.
What's New
Is the Mattress a Good Place for Money?
In fall 2008, the stock market suffered a severe decline. Fear prompted a number of individuals to suspend contributions to their 401(k) retirement accounts. They reasoned that holding the money and having it retain its face value was preferable to putting it in a money-losing investment.
Read the full analysis here.
We Broke the Bank!
Our federal unfunded liabilities represent 2.3 times our collective net worth, which means the United States is bankrupt.
Read Mike Whelan's commentary here.