A column from USA Today, by economist Duncan Black: Recent and near-retirees, the first major cohort of the 401(k) era, do not have nearly enough in retirement savings to even come close to maintaining their current lifestyles. We need an across the board increase in Social Security retirement benefits of 20% or more. We need it …
Tag: 401(k)
Another reason to strengthen Social Security: Private retirement plans are weak and uncertain
From Ten Reasons Not to Cut Social Security Benefits: In the past, many workers could rely on so-called defined benefit pensions provided by their employers, which promised retirement payments based on a worker’s salary and years of service. In the private sector, those once common pensions have all but disappeared. To a large extent, they …
How Social Security fills the gap for workers in small businesses
From the Alliance for Retired Americans: Today more than 70 million Americans work in private sector firms. Of that number, more than 10 million work in firms with fewer than 100 employees. Generally, the smaller the firm size, the less likely the firm will offer a defined benefit or defined contribution retirement plan to workers. …
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