The Los Angeles Times published a fascinating (if a bit under-sourced) piece this week about how Baby Boomers who are worried about the lack of money in their 401(k)s and IRAs are day-trading within their retirement accounts. The article as a whole is terrifying. Here are some particularly scary quotes:
- “[S]ome aggressive investors have begun day trading their nest eggs — all in a bid to make up for lost time.”
- “As many as 40% of people trading options at the Motley Fool do so in retirement accounts, said Jeff Fischer, an options advisor at the investment website.”
- “Americans are a collective $6.6 trillion short of the amount they need to retire comfortably, according to a 2010 analysis by the Center for Retirement Research at Boston College.”
Read it and weep.