What Makes The U.S. Retirement System A Bad Example

January 3, 2018 • Page 3 of 3

AK: It takes us forever, but over the years, continuously, adjustments have been made so that our pension system would stay affordable. We went from a pension based on your last earned income to pensions based on average income over your lifetime. That’s a huge difference, but it went pretty smoothly. Now we’re not giving extra pension if your income is above 100,000 euros, and that also went pretty smoothly. So it’s not easy, but being able to have some flexibility is necessary.

Justin Fox is a Bloomberg View columnist. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”

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[email protected] 6 years ago

The headline â€œAmerica is the example of how not to do pensions.â€ is exactly right. The greed and poor ethics of our federal, state and local government officials allowed corporate officers, union leaders and high ranking government employees to rape and rob the american workers and taxpayers for their own benefit. They all set up unfunded pension plans that were doomed from the start. Pensions of over a half of a million dollars for university administrators, and government authority heads are a sin. Full pensions awarded to state government elected officials after short service periods is ridiculous. That is why our pension system is so bad. Individuals are better off taking control of their retirement though a 401K because it is the only way they can protect themselves from the thieves in our government. Yes, they may need to educate themselves about finances or pay someone to assist them but at least they have some control over what happens to their retirement savings and a more transparent picture of their retirement.

What Makes The U.S. Retirement System A Bad Example

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