Is the “retirement crisis” just a scare story? That’s what conservatives would like you to believe as they rail against proposals from progressives in Congress to expand and increase Social Security.in the conservative National Review that there’s no need to expand Social Security benefits because “Americans’ retirement incomes and retirement savings have never been stronger.”
He asserts that these are rising and will continue to do so as Gen-Xers--those now between 45 and 53 years old -- move into retirement. Social Security Administration estimates cited by Biggs indicate that the median retirement income for today’s 80- and 90-year-olds is 111% of pre-retirement income, but for Gen-X it will be 115%, which doesn’t “indicate anything like the retirement crisis that Americans are being told they face,” he writes.
Morrissey’s first chart, shown above, validates Biggs’ point that overall retirement assets have grown -- in fact, almost doubled as a share of personal income from 1989 to 2016. That’s largely because of the advent of 401-style defined contribution plans, through which workers invest a portion of their own wages in investment accounts they manage themselves .
Participation in 401 plans is heavily skewed toward higher-income and white workers. About 70% of the top fifth of income earners participate, but only 10% of the bottom fifth; 51% of white workers participate but only 33% of black workers and 28% of Latinos. Participation in traditional defined benefit pensions is more equal, though not free of inequality.
this is what happens when you vote against yourself interest ..
hiltzikm If I live over my means and don’t save enough/anything, will the tax payer just add money to my 401k?It’s a ridiculous ask to expand these programs which would need to be funded by generations who already are stuck with the mess the current retires left us because of their greed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Column: The California stem cell program's $5.5-billion funding request might be its downfallThe California Institute for Regenerative Medicine is seeking a new $5.5-billion infusion. It must go back to the drawing board. Yeah because California is more concerned with financing their illegals than medical research to help Americans.
Source: latimes - 🏆 11. / 82 Read more »
Column: Amazon is right to say Trump tainted $10-billion Pentagon deal it lostThe issue raised by the Amazon case is similar — whether Trump compromised the national interest by forcing the Pentagon to accept Microsoft’s product when Amazon’s was better, writes columnist hiltzikm There was no deal the contract expired and wasn’t renewed Uh huh..huh huh. You said taint.
Source: latimes - 🏆 11. / 82 Read more »
Column: Obamacare study proves that having health insurance reduces U.S. death ratesExperts at Stanford and the IRS found that the Obamacare mandate got people to buy insurance, and the insurance reduced death rates Common sense.... This really needed a study? GustavoArellano Imagine how much it would improve death rates if people got free healthcare like they do in most places with low death rates?
Source: latimes - 🏆 11. / 82 Read more »
Column: 'Cats' was not nominated for a best picture Golden Globe. And the nominations are more relevant than everThe HFPA has made strides to improve its reputation. But the voters behind the Golden Globes still have a blind spot when it comes to women. RADIO SILENCE FROM sagaftra . Not really. Golden Globes are rigged.
Source: latimes - 🏆 11. / 82 Read more »
Column: If there's a theme to the 2020 Golden Globes nominations, it's 'all men, all the time'On Monday, Sports Illustrated made Megan Rapinoe its Sportsperson of the Year, while the Hollywood Foreign Press Assn. announced that no female directors or writers were worthy of a Golden Globe nomination this year. marymacTV The public has voted through the ratings, elites awarding elites monthly is not worthy marymacTV Being alive forgodsake marymacTV I reached my monthly limit? I don’t recall reading even one story from your fine paper. I demand a recount.
Source: latimes - 🏆 11. / 82 Read more »
Column: Why can't Californians drive? The DMV's lousy handbook is partly to blameThe DMV admits its driver handbook 'is written at a level that is above where it should be,' which means much of it is incomprehensible to ordinary people. Not been for a long time - but I always found driving in LA easier than on the East Coast. Also, I found that the non-DMV online practice tests had answers that conflict with the manual. They drive like a pack of dogs on the freeway.
Source: latimes - 🏆 11. / 82 Read more »