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Thursday, November 22, 2012

Government Plans Retirement Heist, Calls It Charity by Jeff Berwick

You see, productivity has increased, but wages have stagnated, and yet prices are rising. This is the “middle class squeeze” that is at the core of the so-called retirement crisis. People are simply not able to save enough to one day live without a wage. But it's not because of the decline in pensions. After all, the idea of a pension is in itself very 20th century, based on the assumption that an individual will spend most or all of his working years at one company and therefore have a chance to build up significant pension benefits. This idea does not fit the new, much better economy in which an individual is likely to have a plethora of employers over his working lifetime.

Retirement is an industrial era concept that will not endure.

Posted via email from iPT Perpetual Traveler

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