The Phaserl


The death of the American pension

How older Americans are entering their golden years with a lack of retirement savings.


Listen carefully to the sales pitch from Wall Street.  In the late 1970s and the early 1980s there was a push to get Americans away from pension plans and into 401k style retirement plans.  The notion was that Americans would save enough on their own and would have the financial wherewithal to play in the Wall Street finance game.  Well here we are a generation later and for most Americans, the self-directed retirement experiment has been an abject failure.  We have now learned about a litany of mutual funds that have charged high expense ratios that basically ate into a good chunk of savings.  The ETF and index fund world is new for many since it isn’t heavily marketed.  And these are the options for the savvy people that actually dive in.  Pension plans used to be commonplace.  Now, they are rare and are headed to extinction.  For most elderly Americans, the number one source of income is coming from Social Security.  What happened to the pension plans of America?

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