Tuesday, September 19, 2017
It keeps getting harder to save for retirement
The Washington Post Business Section Sunday, Sept. 17, 2017 has a long article by Jonnelle Marte, “Why it’s so hard to save for retirement”, with an exposition of the career of Ted Benna.
The basic problem is that, while the 401(k) was a good idea, employers expected it to replace defined benefit pensions, which they tended to freeze starting in the late 1990s.
Another problem is that social security offsets were often designed around the idea of starting early retirement at 62, despite the fact that people live longer. Careers from the past simply weren’t sustainable for enough decades.