What will the devastation to 401k balances mean for the housing market?

Although it's not technically a housing-related story, the collapse in the value of many people's 401k balances could have a large impact on their home purchasing decisions -- especially for those over age 50. About the time the market was starting to see-saw in late 2007, I moved my 401k balance over to a self-directed IRA, where it's mostly sat in cash ever since, but most others weren't so lucky. From a 60 minutes report:

Checked your 401k lately? The recent financial collapse has devastated this retirement resource. Older workers are hardest hit, as their financial futures may now be at risk. Steve Kroft reports.


Watch CBS Videos Online