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— NYT: Was the 401K a Mistake?
How 401(k) Drives Inequality - The New York Times (nytimes.com) https://www.nytimes.com/2024/05/08/magazine/401k-retirement-crisis.html
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Not all companies offer 401(k)s, however, and millions of private-sector employees lack access to workplace retirement plans. Availability is just one problem; contributing is another. Many people who have 401(k)s put little if any money into their accounts. With Americans now aging out of the work force in record numbers — according to the Alliance for Lifetime Income, a nonprofit founded by a group of financial-services companies, 4.1 million people will turn 65 this year, part of what the AARP and others have called the “silver tsunami” https://www.aarp.org/retirement/planning-for-retirement/info-2024/peak-boomer-readiness.htmthe holes in the retirement system are becoming starkly apparent. U.S. Census Bureau data indicates that in 2017 49 percent of Americans ages 55 to 66 had “no personal retirement savings.” https://www.census.gov/library/stories/2022/01/women-more-likely-than-men-to-have-no-retirement-savings.html#:~:text=Many%20adults%20approaching%20retirement%20age,and%20Program%20Participation%20(SIPP.)
#business l
How 401(k) Drives Inequality - The New York Times (nytimes.com) https://www.nytimes.com/2024/05/08/magazine/401k-retirement-crisis.html
>
Not all companies offer 401(k)s, however, and millions of private-sector employees lack access to workplace retirement plans. Availability is just one problem; contributing is another. Many people who have 401(k)s put little if any money into their accounts. With Americans now aging out of the work force in record numbers — according to the Alliance for Lifetime Income, a nonprofit founded by a group of financial-services companies, 4.1 million people will turn 65 this year, part of what the AARP and others have called the “silver tsunami” https://www.aarp.org/retirement/planning-for-retirement/info-2024/peak-boomer-readiness.htmthe holes in the retirement system are becoming starkly apparent. U.S. Census Bureau data indicates that in 2017 49 percent of Americans ages 55 to 66 had “no personal retirement savings.” https://www.census.gov/library/stories/2022/01/women-more-likely-than-men-to-have-no-retirement-savings.html#:~:text=Many%20adults%20approaching%20retirement%20age,and%20Program%20Participation%20(SIPP.)
#business l
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