The Great Illusion of Retirement Savings
by Nancy Altman and James W. Russell
The nation is facing a looming retirement income crisis. Average retirees today are not well off. Tomorrow’s average senior is likely to be in worse shape.
Instead of addressing this looming crisis, too many of the nation’s policymakers and elites propose to make it worse. They tell the American people that Social Security’s earned benefits must be cut, despite their modest size. They tell public-sector workers that their pensions are unaffordable, despite the fact that workers have already earned those benefits, indeed foregoing current compensation in the process.
Rather than proposing the expansion of Social Security and fighting for public pensions, these elites complain that Americans are not saving enough. Americans, they say, need to be more frugal in their habits if they wish to avoid going off their own personal fiscal cliffs when they retire. Spare the lattes; pump up the retirement savings accounts instead, the elites lecture us.