Whether you're a Baby Boomer or a Generation Xer or one of the youthful Millennial lot, preparing for retirement carries with it the unique obstacle of earning enough income in a period of record low interest rates and several volatile and traumatic moves up and down in stock prices. That promise of a a meaningfully safe pension together with Social Security has become less and less a reasonable expectation for Americans whether in the private or public sectors. The employment-based retirement plan as part of the nation's expected safety net is no longer a sure thing. It is truly one of the most shocking developments the middle class faces today, a threat to old age, just as unemployment or part-time employment is a threat to the non-retired population. The dynamics are that the assets of every cohort grew before the recession of 2008-09 and then fell during the recession, not yet recovering its old peak.
|