Around four in 10 U.S. Gen Xers, and even some baby boomers, haven’t saved for retirement—as current retirees who didn’t save enough endure a “nightmare.”
Yep the successes are anecdotal not generational. Stepping backing and looking at raw numbers it’s clearly heading for a series of catastrophes that amplifies with each successive generation.
The weird part is the working poor can often maintain their lifestyle into retirement because they lack the very assets everyone is told to have. They can qualify for additional benefits that prevent anyone above the meager limits from various avenues of additional help.
This is all solved by basic income but we spend an insane amount avoiding the simple solution because it’s not capitalistic.
No generation has retired on 401Ks to prove it works generationally.
(It won’t)
The passive income to companies that manage 401k plans is the reason it will not change.
Fidelity investments had 3.5 TRILLION in assets under management when I was there years ago.
They take in money passively doing nothing but automatically redistribute it year over year for a target date fund.
It’s a scam to the tune of billions a year and we do Notta.
Yep the successes are anecdotal not generational. Stepping backing and looking at raw numbers it’s clearly heading for a series of catastrophes that amplifies with each successive generation.
The weird part is the working poor can often maintain their lifestyle into retirement because they lack the very assets everyone is told to have. They can qualify for additional benefits that prevent anyone above the meager limits from various avenues of additional help.
This is all solved by basic income but we spend an insane amount avoiding the simple solution because it’s not capitalistic.