The Washington (D.C.) 23rd Retirement Confidence Survey reports nearly half of workers surveyed have little to no confidence they have saved enough for a decent retirement. 57% of survey participants say that the value of their household savings is less than $25,000. People are concerned with retirement the economy is undergoing the worst downturn since the 1930s.
Finances for the aging are expected to improve in the following years. The stock market, housing market, and labor market.
Social security is extremely important in America’s retirement system. This system covers most workers, it’s administratively cheap, and it’s designed for a mobile labor force.
What are the flaws in the private pension system?
Calculations done by the Center for Retirement Research say many companies reduce their pension benefits by cutting back or even eliminating the employee match. Which can be detrimental if used for a long time.
How can we improve the social security system?
Policy holders could encourage people to work longer.
Picture by Fabio Penna