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7 Matching News Items

1.  Why Are Many Members of Congress Among the Few Americans That Can Retire?
Jane White in The Huffington Post Link to more items from this source
Apr. 22, 2014
"The lack of mandates for an adequate retirement plan is ironic given that most long-serving members of Congress look forward to more generous pensions than the vast majority of their constituents. A member of Congress retiring with 20 years of service under Federal Employees' Retirement System and a high three-year average salary of $174,000 will get an initial annual FERS pension of more than $59,000 -- on top of Social Security. Compare that pension paycheck to the typical American worker. According to the Federal Reserve Board, the median amount saved in 401(k) accounts and other savings for those age 55 to 64 was $100,000 in 2010. Observing the 4 percent withdrawal rule, a nest egg of $100,000 turns into a measly annual income of $4,000, or about $77 a week."
2.  America's Pension Crisis: Where's the Rage?
Jane White in The Huffington Post Link to more items from this source
Feb. 21, 2011
While the American public appears to be divided over whether unions should have generous wages and pensions as they do in Wisconsin, they are remarkably complacent when it comes to their own pension poverty.
3.  What's the Best Fix for Your 'Underfunded' and Poorly Managed 401(k) Account?
Jane White in The Huffington Post Link to more items from this source
Oct. 13, 2010
Excerpt: [T]he fact that none of the mutual fund companies' leadership realize that most of their customers can't afford to retire is downright reprehensible.
4.  Why Are We Third-World America When It Comes to Retirement?
Jane White, in The Huffington Post Link to more items from this source
Jan. 31, 2016
"Unfortunately, President Obama's myRA plan doesn't involve an employer contribution and doesn't allow employees to invest in stocks, which translates into pension poverty. The driver of our pension poverty isn't a lack of savings opportunities but the fact that the typical employer contribution to a 401(k) account is equal to 3 percent of pay versus 8 percent of payroll for a traditional pension."
5.  Sorry Suze Orman, We Aren't to Blame for Our Retirement Shortfall
Jane White in The Huffington Post Link to more items from this source
Mar. 18, 2011
The ability to retire isn't dependent on a 'multitude of financial decisions' as [financial columnist Suze] Orman contends but how generous your employer or your government is.
6.  Will Facebook Do an About-Face on Its Puny 401(k) Policy?
Jane White in The Huffington Post Link to more items from this source
Feb. 25, 2014
"Facebook offered no matching contribution to its employees' 401(k) accounts in 2012 and 2013 ... Whole Foods' match is only a measly $152 a year based on a formula of 15.2 percent of the first $1,000 that workers contribute.... While AOL's about-face on its original decision to switch from regular-paycheck 401(k) contributions to once-a-year contributions is refreshing, it doesn't make up for the fact that most 401(k) plans are not adequate no matter how frequently you get the money, given that the employer contribution is only equal to 3 percent of pay compared to 8 percent of payroll for a pension."
7.  Unhappy 40th Birthday, ERISA: So Much for Retirement Security
Jane White in The Huffington Post Link to more items from this source
Sept. 1, 2014
"From 1974 to 2004 the percentage of Americans covered by a pension shrank from 44 percent to 17 percent ... Companies instead set up 401(k) plans, which were never intended to be a retirement plan but a supplement to an existing pension ... As a result, we are looking at a retirement catastrophe. According to the Federal Reserve Board, the median amount saved for those age 55 to 64 was $100,000 in 2010 -- or a measly annual income of $4,000, or about $77 a week."

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