Retirement plans go down with ship

Rep. George Miller (D-Calif.) gives statistics as to how much the current retirement plans have lost in our current economy. (0:49)
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Sen. Kohl says 401(k) debit card is a bad idea

At a hearing on retirement savings, Senator Herbert Kohl (D-Wisc.) says that using 401(k) debit card is a bad idea. Kohl points out that it implies it is alright to use one's retirement savings for everyday purposes. will diminish savings. In addition to being a gross distortion of plan's intended use, Kohl notes the high fees plan charged to participants and says this will reduce savings when Americans retire. (0:52)
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Sen. Smith says these are 'tough times for American families'

At a hearing on saving for retirement, Senator Gordon Smith (R-Ore.) says that these are tough times for American families. Smith says that with gas and food prices at a record high, it is difficult for families to pay for essentials. Smith attributes this to the reasons behind Americans making more hardship withdrawals from their 401(k) retirement funds.
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