By Lori Gonzalez Introduction Retirement security—being able to transition out of the workforce without severe financial devastation or serious risks to health—was first formed in the U.S. by the New Deal programs enacted in the 1930s which included Social Security and unemployment insurance. Assistance for older people prior to the New Deal was largely absent save […]
Why Do Late Boomers Have So Little Retirement Wealth?
Over the last 40 years, the retirement system has shifted from defined benefit plans to defined contribution plans, primarily 401(k)s and Individual Retirement Accounts (IRAs). This shift has been accompanied by a decline in Social Security benefits relative to pre-retirement earnings as the program’s Full Retirement Age has moved from 65 to 67. Thus, the […]