The Retirement Crisis

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In the last election cycle, Democrats campaigned heavily on health care by mid-October, 55 percent of their television ads centered on the issue. There are signs that retirement will play a significant role in the race. They belong to a congressional caucus dedicated to increasing Social Security benefits. Formed last fall, it already has more than Democratic members, and Sanders and Elizabeth Warren, another presidential candidate, are its co-chairs in the Senate.

The party has come a long way from its stance a decade earlier, when few liberal politicians would endorse the expansion of Social Security. Congress has signaled a willingness to consider policy proposals beyond Social Security, too. The success of that bill suggests real bipartisan support exists for strengthening the national insurance program.


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Encouragingly, the states have also begun to propose solutions. Politicians who address retirement understand they can reach not only the elderly, but those who care for them.

Easing the Retirement Crisis | Morningstar

More than 40 million people provide unpaid caregiving, spending on average 20 percent of their incomes each year on expenses like mortgage payments and medical bills. The home health and personal care sector, meanwhile, employs some three million people nationwide and is one of the fastest growing in the economy. Most aides are women, who earn very little and work unpredictable hours.

For them, and for families who rely on their services, a plan for universal long-term care would surely represent a welcome change.

America is facing a pension crisis. Retirees will pay the price if we don't act now

Few issues in American politics cut across so many constituencies, and affect the lives of so many. Sign Up. Non-revolving debt—auto loans, student loans, mortgages—is even worse. As many as 2. Even less, 22 percent, felt the same about their ability to retire on time. They want to build wealth fast but might have second thoughts about investing in the market. I want to reassure those people that they need not put a significant amount in the market all at once, which for most people is impractical and risky. The truth is that they have options.

There Is No Retirement Crisis

One of the best, I think, is dollar cost averaging, which allows investors to fund their financial goals affordably. In short, dollar cost averaging is an investing technique that lets investors add to an initial investment incrementally over time, usually once a month. Take a look at the chart below. Pundits and academics alike often cite average k account balances from surveys as evidence that the United States is facing a looming retirement savings crisis.

Some go even further and claim the k system itself is the sinister cause of this calamity. Their reasoning usually goes something like this: Back in the good old days, workers were covered by defined benefit pension plans, which offer workers lifetime payments in retirement based on how long they worked for their employer and their salary when they leave. Then in Congress created k accounts, in which workers accumulate retirement savings in personal accounts based on annual contributions and investment earnings.

Since then employers have moved away from traditional pensions in favor of k s, decimating worker retirement security. Yes, employers have shifted from offering defined benefit plans to offering defined contribution plans such as k s, and workers should probably be saving more for retirement. But the notion that the shift is causing a retirement crisis is hogwash. Given the ubiquitous claims of a retirement crisis, we should expect to see big changes over time in retirement plan coverage, participation and savings.

🔴 The Coming Retirement Crisis Explained and Explored (w/ Raoul Pal)

To qualify as a crisis, the situation today should be dramatically different than in past decades. Retirement plan participation and savings rates have been relatively stable over the last 40 years. More than 30 years later, participation by plan type had shifted significantly. Some employees were enrolled in both plans. The shift to defined contribution plans has not resulted in fewer workers participating in a retirement plan.