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Commissioner Kara M. Stein spoke to the Brookings Institution on Tuesday, giving a talk titled “The New American Dream: Retirement Security.” Here’s what she had to say:
Since World War II, Americans have planned their retirements around the expectation of combining a pension, Social Security benefits, and personal savings to provide sufficient income for their golden years. . . .
Number - Factors - Health - Social - Security
Due to a number of factors, the financial health of the Social Security trust fund has been declining. According to the 2018 Trustees Report on Social Security, the fund will be depleted by 2034.That is only 16 years away. At the same time, the availability of employer-provided pension plans has also been declining. Few private sector workers today have access to a pension, and many public sector pension plans are facing severe financial problems. . . .
We’ve moved from a collective retirement system to one in which each person is expected to go it alone. . . .
Retirement - Crisis
The retirement crisis...
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