Shift from Pensions to 401(k)s Challenges American Dream, Reports Show Recent studies reveal a significant transformation in retirement security, moving from traditional pensions to 401(k) plans, impacting Americans’ ability to achieve financial independence post-retirement. This shift, underscored by Sara Schambers, a fourth-generation Ford worker, highlights the growing concern over the disappearing pension system. Schambers’ testimony to Senate leaders emphasized the stark reality facing many after decades of service: a future without guaranteed income. The Pension Promise and Its Decline
Historically, pensions offered workers a guaranteed income in retirement, calculated based on salary and years of service, with employers bearing […]
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