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Well, they are divorced from the employer these days, because most jobs just don’t offer a pension program at all. Social security is all most people will have

Well, they are divorced from the employer these days, because most jobs just don’t offer a pension program at all. Social security is all most people will have at retirement from the comming generations. https://www.marketwatch.com/story/generation-x-stop-slacking-you-need-to-catch-up-on-saving-for-retirement-2019-09-23 https://www.marketwatch.com/story/generation-x-stop-slacking...

seanmcdirmid 7y ago
And 401ks, for those that have decent incomes to save $19k/year + match at least. So not almost all will depend on SS, but many surely will.
- thatfrenchguy 7y ago
  But most 401ks have ridiculously low balances, with the median for people 50-59 at 150k: https://www.financialsamurai.com/median401k-retirement-balance-by-age-is-dangerously-low/ https://www.financialsamurai.com/median401k-retirement-balan...
  - toomuchtodo 7y ago
    48 percent of American households over the age of 55 still have no retirement savings. [1] [2] None. Zero. 401ks were a legislative hack for high income earners [3], and were used to con the middle class out of their additional pension comp. Those funds instead ended up in shareholder pockets, with a small amount provided as 401k matches. [1] https://www.cnbc.com/2019/04/05/these-people-are-on-the-verge-of-retiring-and-they-have-nothing-saved.html https://www.cnbc.com/2019/04/05/these-people-are-on-the-verg... [2] https://www.gao.gov/assets/680/670153.pdf https://www.gao.gov/assets/680/670153.pdf (GAO report) [3] https://news.ycombinator.com/item?id=21827154 https://news.ycombinator.com/item?id=21827154
  - ipython 7y ago
    Those surveys are misleading though. I have a relatively small amount in my 401k because I have not been in my current job for long. Every time I change jobs I roll over the 401k balances into an IRA. So... unless someone's been in their job for 5+ years, their 401k balance may be very low.

seanmcdirmid 7y ago

And 401ks, for those that have decent incomes to save $19k/year + match at least. So not almost all will depend on SS, but many surely will.

thatfrenchguy 7y ago
But most 401ks have ridiculously low balances, with the median for people 50-59 at 150k: https://www.financialsamurai.com/median401k-retirement-balance-by-age-is-dangerously-low/ https://www.financialsamurai.com/median401k-retirement-balan...
- toomuchtodo 7y ago
  48 percent of American households over the age of 55 still have no retirement savings. [1] [2] None. Zero. 401ks were a legislative hack for high income earners [3], and were used to con the middle class out of their additional pension comp. Those funds instead ended up in shareholder pockets, with a small amount provided as 401k matches. [1] https://www.cnbc.com/2019/04/05/these-people-are-on-the-verge-of-retiring-and-they-have-nothing-saved.html https://www.cnbc.com/2019/04/05/these-people-are-on-the-verg... [2] https://www.gao.gov/assets/680/670153.pdf https://www.gao.gov/assets/680/670153.pdf (GAO report) [3] https://news.ycombinator.com/item?id=21827154 https://news.ycombinator.com/item?id=21827154
- ipython 7y ago
  Those surveys are misleading though. I have a relatively small amount in my 401k because I have not been in my current job for long. Every time I change jobs I roll over the 401k balances into an IRA. So... unless someone's been in their job for 5+ years, their 401k balance may be very low.