Tuesday, November 06, 2012
Young people really face a bleak retirement future
Michael A. Fletcher has an important front page story in the Washington Post on Election Day, “Young workers’ retirement hopes grow bleaker amid economic downturn”, link here.
The triangle of retirement used to be social security, pensions, and accumulated savings and investments. But on 33% of private sector workers had defined benefit coverage in 2010, down from 44% in 1995 and 88% in 1983. The Center for Retirement Research (website url link) supplied the numbers.
The current baby boomer generation has not handed its kids as prosperous a financial future as it had itself, partly because of overseas competition and partly because of demographics.
It's hard to say which candidate this finding "helps" today.
It strikes me that young adults who are socially savvy aren't too worried about this. And now every community has its own idea of social popularity and competitiveness.