Over the last generation there has been a shift from pensions to do it yourself 401k plans. The idea was pitched during a time when the stock market was in a bull run and Wall Street was excited to open up additional streams of revenue. But now a generation later, the results are rather clear. […]
The death of the American pension: Shifting the retirement burden from employers to workers has created an enormous financial crisis.
The American pension offered once by many companies was a benefit once afforded to most workers. That is, until the press started chanting the Wall Street party line and all of a sudden 401ks and mutual funds were all the rage. Who wants a tiny pension when you can become a millionaire by simply saving […]
Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all.
Some of you might remember the glossy highly produced advertisements back in the early 1980s when Wall Street decided it was time to turn American retirement plans into casinos. The slow and agonizing death of the pension plan was supposed to be replaced by the beautiful and wonderful world of the 401(k) plan. Save for […]
The death of the American pension: How older Americans are entering their golden years with a lack of retirement savings.
Listen carefully to the sales pitch from Wall Street. In the late 1970s and the early 1980s there was a push to get Americans away from pension plans and into 401k style retirement plans. The notion was that Americans would save enough on their own and would have the financial wherewithal to play in the […]
The new American retirement plan equates to working forever: Nonexistent nest eggs and most Americans are bad at planning as to how long they will live.
The idea of retirement is a modern one especially when it comes to saving and having a nest egg. In the past, retirement was only a luxury afforded to a small number of wealthy families. The rest of the population was destined to work until they died. That may seem harsh but that is historical […]
Standard American Retirement plan equates to flying by the seat of your pants: The majority of older Americans rely on Social Security as primary source of retirement income.
Social Security keeps half of elderly Americans out of poverty. You need to recall that many older Americans came of age during the 401k cult worship of Wall Street. Greed is good as portrayed in the movie Wall Street. Stories developed as a sign of caution actually drove many to aspire to become financial mavens […]
Planning for retirement does not happen overnight. You need to diligently plan and sock away savings like a squirrel stocking up for the season. Many Americans have no retirement savings and more troubling, many near retirement face a compressed timeline where they will need to save or face a massive decline in living standards in […]