I can't do any physical labor anymore because my back gives out thanks to hurting myself a couple of years ago moving my stuff out of that Reno apartment. My back has never been the same.
This article just smacks of cruelty:
According to BC's Center for Retirement Research, 62% of workers were covered only by traditional defined-benefit pension plans in 1983, compared with 17% in 2007. Those covered exclusively by 401(k) plans increased to 63% from 12% during the period.
"In theory 401(k) plans could provide adequate retirement income, but many individuals make mistakes at nearly every step along the way," the center's report states, citing research showing that the median 401(k) and IRA balance for those near retirement was $78,000.
Annamaria Lusardi, economics professor at the George Washington University School of Business, points to a general lack of financial literacy and planning.
What utter bullshit. The plans were never intended to become retirement vehicles in first place, just savings plans for high-income executives. Thanks to government loopholes, companies ditched their defined-benefit plans for these junk savings plans in order to save money and pass on the risk to employees.
People have absolutely NO idea how much money they would have to save to even get a tiny pension like I have, $300.40 a month, which I had to take nine years early. The amount to save is WELL over $100,000 to last at least thirty years, and that's not including the increases in after the third year. Articles like this are bullshit because these advisers peddle this garbage not taking into account layoffs, medical emergencies, and the like.
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