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Retirement in Dignity
Retirement security after a life of hard work is under attack – two-thirds of Americans no longer have a secure, adequate and predictable retirement check. A defined-benefit pension plan is the foundation of a secure retirement. However, the use of employer-paid defined pension plans has declined dramatically for non-union workers, in favor of 401(k)s and other investment funds that depend mostly on what employees can save.
According to the Economic Policy Institute, less than 20% of private-sector workers are covered by a traditional pension, and the national savings rate is near zero. So, most Americans will be financially unprepared for their so-called Golden years. Elderly people are also being forced to stay in the workforce later in life – 10% of those aged 65 and older worked in 1985 – now it’s 15% and going up.
Resources
Retirement Planning: Traditional Pensions. AARP.
Traditional Pension Funds: Healthy but Dying? CFO.com
Retirement Security. Economic Policy Institute.