Election won’t prevent pension crash
"The tax gap isn't the deepest divide in America. The deepest gap is the pension divide, between those few who have a guaranteed cushion in the form of defined-benefit pensions, which promise a fixed annuity at retirement, and those who don't. How the candidates address this divide, cultural as well as political, is crucial, far beyond November. To understand the current mindset, it helps to consider the pension culture of the past. In the early 1980s, many companies, as well as governments, offered employees a defined-pension benefit when they retired. Thirty years ago, about 62 percent of American workers were covered by some kind of plan like this." Continue reading →