Once upon a time, defined benefit plans were the retirement plan of choice for most employers. The defined contribution plan, primarily in the form of the 401(k) plan, resulted in a major shift toward participants taking more responsibility for their own retirement savings. Unfortunately, many individuals are not skilled investors, resulting in a widespread savings shortfall. Add other financial challenges to the mix and the challenge is even greater. With DB plans declining and DC plans producing inadequate savings, many have turned to Social Security as their primary, if not sole, source of income in retirement. AARP highlights some key Social Security data:
Social Security remains an important piece of the retirement puzzle. Ensuring its availability for future retirees should be top of mind for the foreseeable future.
Blog Author - Ken Felsher
With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.
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