Ari Lamstein profile image 77

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.


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LandmarkWealth profile image78

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