WHY FREE MARKET AMERICA N0 LONGER WORKS
The Inequality In Retirement Savings Between Top 100 CEOs and U.S. Workers
By Michael A. Fletcher
Burdened by stagnant wages and shrinking employer benefits, average Americans are struggling to put aside enough for retirement.
The typical worker between the ages of 55 and 64 had $111,000 in retirement savings in 2013, according to Boston College’s Center for Retirement Research. In addition, the government says just 18 percent of all private-sector workers participate in pension plans that upon retirement promise to pay them a defined monthly benefit for life. That is down from 35 percent in the early 1990s. Taken together, that adds up to a looming retirement security crisis that a growing number of activists are worried about.
Overall, nearly half of all workers have no access to any retirement plan at work, and 29 percent of workers between ages 50 and 64 have neither pensions nor retirement savings.
The report says policy makers should look at ways to close the imbalance. Among the ideas: