stock losses take heavy toll on retirement savings

Author of the article regarding pension melting on USATODAY http://www.usatoday.com/money/economy/2008-10-04-stocks-retirement_N.htm has great implication on losing money in retirement plan. People across the country are not comfortable with what is going on the economy and they are afraid of losing their 401K. Most people in the United States retire when they are of age 60; however, it is impossible to dream for that at this economy crisis. Author uses survey from AARP to show how people are losing their money and trust for government.
Americans have to delay their retirement and they have to work more hour which was suggested in the article. People has also reduced the amount of money which contribute to their retirement. I completely agree with the author's point of view that congress has to make immediate reaction to save retirement money. People have worked long and hard to get their money. The solution for this pension melt down is to reduce contribution which is also suggested in the article. The second solution would be to keep their money in saving or IRA for peace of mind of American working force.
Congress has to act very quickly and very carefully on this matter to save the American people rather than the Wall Street brokers. Most retirements are handled by third party investment companies which oversee employee and employer contribution. The Associate Press survey suggests that people are worried if they have to work longer to save more money. In my opinion, it is congress duty to step in at this point in order to save the melt down that will benefit the middle class.
The author of this article has shown explicitly how pension melt down is going to contribute to weaken the economy. Since people in Washington are most worried about the housing and stock market on Wall Street but the pension melt down has to be considered in the bell out. Otherwise, those on verge of retirement may not come close to retirement in near future if pension melt disaster continues.