The Scandal of Vast Inequality in Retirement Pay

Cato the Elder, a Roman senator and historian, once remarked: “Cessation of work is not accompanied by cessation of expenses.” For centuries, retirees have been aware of this unfortunate fact, which led them to demand and, in many cases, secure old age pensions to help provide financial security during their “golden years.” But as indicated in a recently-released report by the Institute for Policy Studies (IPS), the financial security of retiring corporate CEOs is far, far greater than the financial security of average Americans.

According to the extensively researched IPS report, A Tale of Two Retirements, 100 corporate CEOs possess company retirement funds totaling $4.7 billion — an amount equivalent to the entire retirement savings of 41 percent of U.S. families (50 million families, including 116 million Americans). The retirement funds of these 100 CEOs are also equivalent to those of 75 percent of Latino families, of 59 percent of African-American families, of 55 percent of female-headed households, and of 44 percent of white working class households.

– Truth Out

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