From the Everett Herald:
It used to be that working hard and playing by the rules earned most people economic security and the ability to retire with dignity. But jobs are being outsourced, the jobs that remain offer lower wages and fewer benefits, and the retirement savings of most Americans has been decimated by the stock market — if it wasn’t already used to pay the mortgage.
Employers are shifting pension costs onto workers in a fend-for-yourself retirement system. The typical defined contribution retirement account held only $17,794 in 2009. The typical retirement account for people who had been putting money in from 2003 to 2009 was $59,381.
That may seem like a big number, but it’s closer to peanuts. The best retirement accounts provide a stream of income until death. That’s called an annuity, and at $59,381, it would be $285 per month. At $17,794, it’s closer to $85 a month. Both figures leave the retiree living in severe poverty.
Fortunately, one underpinning of the American Dream remains intact: Social Security. Read the rest of this entry »
Filed under: retirement security, 1%, american dream, Everett Community College, nancy altman, retirement security, social security, Wall Street




