Wednesday, May 01, 2013
Thomas Friedman's "401(k) World" may not help social capital
Here’s a telling piece by Thomas L. Friedman in the New York Times, May Day, p. A23, “It’s a 401(k) World”, link
He could have called it, “You’re on your own, baby”. (Or “Baby, it’s cold outside, especially in Denver.”)
It’s a world of opportunity for people who can do things for themselves, like managing their own portfolios and building up wealth while still working. Don’t depend too much on investment advisors or insurance agents.
This is not particularly good news for seniors who might make a second career of out financial palnning or community agenting. The insurance companies and financial institutions know that a “way of life” for a lot of financial professionals may be in jeopardy, if younger retirees and executives in their 50s and 60s decide they can make it on their own.
It’s a very good world for the kinds of teens who develop their own interests, tinker, develop something, and then can turn around and sell it.
The whole notion of man as a primarily social creature is starting to seem up for grabs. This doesn’t necessarily bode well for long term sustainability.