College costs, big 401k losses, & more.
A quarter of parents saving money for college education believe that travel to the moon will be cheaper than a four-year education by the time their youngest child attends college.
That was among several dismal findings by OppenheimerFunds in its latest survey of families.
Sixty percent of families think college will be unattainable for most families if tuitions keep rising at their current pace.
More than half of those with children ages 15 to 18 have saved less than $10,000 for college. It now costs an average of $35,132 to send a student to a private, four-year college, according to the College Board.
Big 401k losses
It will be very hard for workers over age 55 to make up their recent 401k account losses, says Mercer, a leading employee benefits consultant.
From the end of 2007 through April 30, 2009 the average account held by a worker over 55 declined by 16 percent, it said. Older workers need to adjust their portfolios to take advantage of future market gains and increase their contributions, Mercer said.
Confidence evaporates
Employees are not very confident that they will have enough money for retirement, says the Employee Benefit Research Institute.
Just 13 percent of workers polled by the organization said they were confident they would retire securely, the lowest level the Institute has recorded since it began the survey in 1993.