Retirement inequality hitting many hard
BostonGlobe.com Fri, Sep 30
Almost everyone will retire, but it’s mostly the rich who are planning for that day. The middle class, the poor, minority groups — many of them don’t even have retirement accounts, much less substantial savings. The 401(k) revolution, with its promise of portable, tax-advantaged investment accounts for all, has inadvertently brought the scourge of inequality into the world of retirement savings. Today, retirement inequality is actually worse than income inequality. What bridges this gap, and holds many seniors’ lives together, is Social Security. Without it, nearly half of all seniors would be living below the poverty line. But our great common safety net isn’t what it used to be. Over time, ...
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