If you guessed 401(k)s, you are absolutely correct.
These mostly unregulated and uninsured plans were marketed as "get rich" schemes, and millions upon millions of Americans fell for it. Of course, companies which pushed these were gutting their defined benefit plans, which guaranteed a set amount of money each month for the rest of the workers' lives (like Social Security and state pensions).
Now millions of workers have found their supposed wealth not worth the paper it was written on, and they are finding themselves unable to retire, unless, like me, they are forced out of the labor force.
It's worth looking at the April report of 60 Minutes about the 401(k) fallout:
Frontline did a documentary three years ago about the problems with 401(k)s. It is excellent.
Subscribe to:
Post Comments (Atom)
Featured Post
The View from Grizzly Peak
Today I went on a group hike through the Medford Parks and Recreation Department to Grizzly Peak, which is located in the Cascade-Siskiyou M...
-
On a somewhat off track, Sovereignty has won the 151st Kentucky Derby for Godolphin Stable. Journalism, the favorite, came in second, whi... -
Journalism has won the 150th Preakness Stakes. It was an extremely tight far turn into homestretch. I am happy nobody was hurt, but I thin... -
Early today marked the passing of 1950s French icon Brigitte Bardot, who was 91 years old and had mostly been out of the limelight since ret...
No comments:
Post a Comment