Against Cozy Catastrophies
<p>In 1978, Jimmy Carter’s IRS created the 401(k) retirement program. Prior to this, most Americans had two ways to enjoy a dignified retirement: Social Security, and employer-provided defined-benefits pensions, which guaranteed you a proportion of your final salary every month from your retirement until your death.</p>
<p>The 401(k) was a third way to plan for retirement: you could gamble in the stock-market, and hope that you weren’t the <a href="https://forum.wordreference.com/threads/if-you-cant-spot-the-sucker-at-the-table-then-you-are-the-sucker.3062884/" rel="noopener ugc nofollow" target="_blank">sucker at the table</a>. At first, this was a great deal: between the tax-breaks for 401(k) bets and generous employer-matching funds, many workers and unions were convinced to trade their sure-thing defined-benefits pensions for market-based alternatives.</p>
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