The challenges to the country’s retirement system are vast and complex.
A freshly released and exhaustive report from the GovernmentAccountability Office, a non-partisan agency often referred to asCongress’ watchdog, paints an unflattering picture of the nation'shybrid public-private retirement system:
The Social Security trust fund is hemorrhaging cash and expectedto be depleted within two decades, if not before.
The Pension Benefit Guaranty Corp.’s multi-employerinsurance program is also facing insolvency.
Meantime, only half of Americans have access to workplacesavings plans.
Wage stagnation and rising health care costs have conspired tomake saving for retirement impossible for low-income Americans.
Those that make enough to save are shouldering the burden ofnavigating investment and longevity risk virtually on their ownthrough self-directed 401(k) plans, as the list of employers thatare sued for fiduciary breach in the plans they sponsor grows.
Industry stakeholders, regulators, consumer advocates, academicswho focus on retirement security, and the legal communityare well acquainted with the picture painted by GAO.
While the facts are not new, the course GAO recommends in thereport is.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
