Monday, April 11, 2016

America's Pension Poverty
Pension fund expert Leo Kolivakis highlights the challenges in America's retirees & coming pension poverty .. "The number of employers offering their workers retirement savings plans at work is declining. Between 1999 and 2011, the availability of employer-sponsored retirement plans in the United States fell from 61 percent to 53 percent. When employers do offer plans, they are more likely to be defined contribution plans in the form of a 401(k) than a traditional pension. These plans come with high risk, high fees, and large penalties for early withdrawals, all of which erode workers’ total savings. These savings and coverage rates foretell a coming retirement crisis in the United States. Without enough retirement income, 16 million retirees will live in poverty or at near-poverty levels by 2022." .. points out the recent proposals to create the Blackstone-coauthored Guaranteed Retirement Account (GRA) to help bridge the gap .. "Any solution which is being peddled by Blackstone will benefit mostly Wall Street, not Main Street, ensuring the quiet screwing of America continues."
LINK HERE to the essay

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