Analysts say that the savings habits of Americans, especially near-retirement age Americans, is troubling. Frank Stafford offers an explanation for low or even dwindling retirement savings: major downturns on Wall Street have discouraged investment in 401(k) plans. And, says Stafford, those who don’t stop saving entirely after a downturn often end up switching into cash or fixed-income investments right before a subsequent recovery in stock prices, which also hurts retirement savings.

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