Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.  If you broadcast our audio commentaries please consider a recurring donation to Black Agenda Report.

Those Ever-Shrinking 401Ks and the Theft of Retirement Security

  • Sharebar
    Printer-friendly versionPrinter-friendly version

    For most of the 20th century, until the 1980s, each generation of retirees had a somewhat higher standard of living than the last.  With the Reagan era advent of federal policies encouraging private employers to raid and discontinue defined benefit pensions, that trend stopped.  The current generation of retirees are discovering that their 401Ks are almost never sufficient to allow a dignified retirement.  They've been robbed.  401Ks are subject to the stock market, which favors insiders, and financial managers and the retirement-industrial complex extract as much as a quarter of all 401K savings in parasitic fees.  In this Against the Grain interview James Russell explains why Wall Street loves privatized and individual retirement accounts, and hates defined beneift pensions and social security,

    Share this
    Clicky Web Analytics