How financial planning for retirement have changed

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Assignment:

For this discussion activity, I want you to watch one of the following documentaries on income in retirement. For decades most workers relied on Social Secuirty, a pension or anuity, and For this week's discussion activity, I want you to watch one of the following documentaries on income in retirement. For decades most workers relied on Social Secuirty, a pension or anuity, and personalpersonal savings and investments. Today it is much different.

PBS Frontline documentaries, "The Pension Gamble" (2018, Kentucky is highlighted)

PBS Frontline documentaries, "The Retirement Gamble" (2021)

Detroit Public TV, "When I'm 65." looks at how aspirations and financial planning for retirement have changed.

These should make you mad. Corporations have switched from "defined benefits" pension plans to "defined contributions" shifting the costs and risks onto workers. Most companies don't even have a pension plan these days, just a 401K plan, part of what President Bush called "The Ownership Society" (and I call "You're on your own, suckers").

States have been under-funding state worker pension plans, depending on the stock market to make up the difference. Right now the stock market it not doing very well. Wall Street has been dying to get its dirty hands on Social Security because it's more fun to gamble with other people's money. Social Security is a little stressed right now, but it would take only minor fixes to ensure it is stable for the next 75 years. They hope to make it so confusing we don't pay attention. Who thinks about retirement when they are just starting their careers? I hope you will.

What surprised you the most about the information in the videos? Does your current employer offer a pension plan? Do they match your contribution? If you are graduating soon and looking for a job, have you checked potential employers' benefits plans? Are you saving for retirement? Has the information in the video made you think more about financing your retirement?

Reference no: EM133428484

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