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Chartbook on retirement inequality
Old 03-03-2016, 11:28 AM   #1
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Chartbook on retirement inequality

The State of American Retirement: How 401(k)s have failed most American workers | Economic Policy Institute

"Today, many Americans rely on savings in 401(k)-type accounts to supplement Social Security in retirement. This is a pronounced shift from a few decades ago, when many retirees could count on predictable, constant streams of income from traditional pensions (see “Types of retirement plans,” below). This chartbook assesses the impact of the shift from pensions to individual savings by examining disparities in retirement preparedness and outcomes by income, race, ethnicity, education, gender, and marital status."
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Old 03-03-2016, 03:45 PM   #2
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This article can be summarized to the following:

Some workers are able to save, some are not. The ones who do not save are worse off than the ones who do.
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Old 03-03-2016, 03:54 PM   #3
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Quote:
Originally Posted by Senator View Post
This article can be summarized to the following:

Some workers are able to save, some are not. The ones who do not save are worse off than the ones who do.
LBYM comes down to two primary elements - enough means to live below them, and the self discipline to delay gratification. Those people who are not prepared for retirement include some who genuinely did not make enough to save, but also some who made enough but would not resist the urge to spend it all.
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Old 03-03-2016, 04:02 PM   #4
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it's not the 401(k)s that have failed...
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Old 03-03-2016, 04:15 PM   #5
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I'd add that too many people who are now in charge of their own retirement savings don't understand investing so they follow unscrupulous advice, they aren't aggressive enough, they're too aggressive or they panic and sell out at the bottom.
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Old 03-03-2016, 04:16 PM   #6
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This article can be summarized to the following:

Some workers are able to save, some are not. The ones who do not save are worse off than the ones who do.
Thank you for saving me the time.
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Old 03-03-2016, 04:17 PM   #7
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I'd add that too many people who are now in charge of their own retirement savings don't understand investing so they follow unscrupulous advice, they aren't aggressive enough, they're too aggressive or they panic and sell out at the bottom.
Or put simply, the 401k did not fail, but the financial education process did fail.
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Old 03-03-2016, 04:21 PM   #8
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Or put simply, the 401k did not fail, but the financial education process did fail.
or the individuals failed to take advantage of it.
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Old 03-03-2016, 04:31 PM   #9
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The solution to all this inequality seems obvious.

They forgot to save, but they'll get it from you.

- Problem solved
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Old 03-03-2016, 04:36 PM   #10
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I believe in Binary Economics, and The Capital Homestead Act, but don't expect it to happen in my lifetime.

Profit Sharing worked, until...
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