This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Current conditions are polar opposite earlier ones. From Social Security's 1935 enactment through the mid-1970s, things improved for most Americans.
No longer. Most people are increasingly on their own. They're woefully unprepared. They earn and save too little. Trouble awaits them later on. Dire economic conditions exacerbates things.
Recent retirement policy changes contribute to growing inequality. Washington grants at least $80 billion annually in tax breaks to encourage 401(k)-type accounts.
Benefits go largely to upper-income households. The system is rigged for them. It's done at the expense of most others.
Those earning $200,000 annually and contributing 15% of pay to retirement savings reap an additional $7,000.
Workers receiving $20,000 and contributing the same percentage get nothing. They don't earn enough to qualify. Others earning $50,000 get about $2,100.
Workers in defined benefit plans face uncertainty. They're underfunded and eroding. Benefits are frozen and disappearing.
Public pensions have similar problems. They're being looted. They're targeted for eventual elimination. They may be gone in another decade or sooner.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).