Ari Lamstein profile image 79

What is the history of pensions and retirement income in the United Stated?


The era of defined-benefit pensions in the United States is coming to an end, and most people save and invest for their own retirement with defined-contribution systems such as 401(k)s and IRAs. Many employees lament the passing of defined-benefit system since they guarantee lifetime income; however, they seem to just be too expensive to run and maintain. I'm wondering: how did people fund their retirement before Social Security and Pensions. In particular, I'm thinking that many people do not "voluntarily" retire: they simply become unable to continue working.

 

sort by best latest

LandmarkWealth profile image85

LandmarkWealth says

You can help the HubPages community highlight top quality content by ranking this answer up or down.

5 years ago
 |  Comment