Down as well as up markets

[National Dialogue Moderator <moderator>]

Much of the analysis around individual accounts is based on long term 
rates of return and average results.  Individuals retire at a single 
point in time, and if markets are down, it does not matter than over 
50 years they will be better.  A review of long term results shows 
that down periods can last for quite a long time.  Also, it should be 
pointed out that if individuals have investment choice, average 
results are not when each person will get, but what the group as a 
whole gets.  Some will do better, but others will do worse.


Anna Rappaport