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Retirement Security

May 31, 2002 • Volume 12, Issue 21
Are Americans prepared for the future?
By Mary H. Cooper

Introduction

Paulina Scul and other elderly New Yorkers will lose a vital resource if budget deficits force the city to stop funding the Caring Community First Presbyterian Senior Center. With many states cutting back on programs for the elderly, the federal government is urging Americans to save more for their retirement years.  (Getty Images/Mario Tama)
Paulina Scul and other elderly New Yorkers will lose a vital resource if budget deficits force the city to stop funding the Caring Community First Presbyterian Senior Center. With many states cutting back on programs for the elderly, the federal government is urging Americans to save more for their retirement years. (Getty Images/Mario Tama)

The collapse of Enron Corp. was a wake-up call for Americans who depend on stocks to support them in retirement. It also highlighted the fact that Americans save far less than people in other industrialized countries. Moreover, there has been a dramatic shift in how corporate America helps workers pay for retirement. Employers have been replacing traditional pension plans with voluntary pensions that require workers to contribute their own money and actually make the investment decisions. Meanwhile, the imminent retirement of millions of Baby Boomers threatens Social Security's future. To make matters worse, seniors are living longer, and health-care costs are skyrocketing. But in an election year, Congress may be unwilling to reform Social Security, toughen laws protecting private pension plans or increase Medicare benefits to cover seniors' prescription drugs.

ISSUE TRACKER for Related Reports
Pensions and Retirement
Feb. 17, 2006  Pension Crisis
May 31, 2002  Retirement Security
Nov. 05, 1993  Paying for Retirement
Jul. 21, 1989  Future of Employee Benefits
Mar. 28, 1986  Pension Problems
Mar. 06, 1981  Retirement Income in Jeopardy
Nov. 11, 1977  Mandatory Retirement
May 21, 1976  Pension Problems
Sep. 20, 1967  Pension Plan Safeguards
Feb. 24, 1961  Retirement Age
May 04, 1949  Service Pensions for War Veterans
Jan. 10, 1936  The Bonus and Veterans' Pensions
BROWSE RELATED TOPICS:
Retirement, Pensions, and Social Security
Social Security
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