Financial firms want a bigger piece of the $10 trillion in America’s 401(k) plans, and the Trump administration is planning a regulatory rollback to encourage less-regulated — and often riskier — investments.
Since the pandemic, Americans’ hardship withdrawals from their 401(k) funds have soared. It’s a stopgap for many people who are struggling, but also points to a dysfunctioning pension system.
The assault on cherished social insurance programs is a gift to Democrats, but only if they are clear about how to defend them. Taxing the rich to save social insurance has the further virtue of splitting Republicans, who are divided....
The anticipated regulation could reduce eligibility for new applicants to the SSDI program by as much as 20 percent overall, and up to 30 percent among older workers, 10% reduction could result in 500,000 people losing access over 10 years.
United Auto Workers president Shawn Fain: “Make no mistake: the billionaire class is not going to give up power willingly. They are on an endless pursuit of profit, no matter the cost.”
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Greased by lobbying and campaign cash, tax breaks for retirement savings are one thing Congress agrees on. But they also blow out the deficit and add to income inequality.
Only 11 percent of private sector workers are in real pension plans.
Raising the retirement age isn’t just about having the “best years of retirement be stolen,” as French protesters have warned. It’s about fairness and not putting years more of the nation’s labor burden on the working class. Next time the government moves to raise the retirement age, we should follow the French example to protest and proclaim, “It’s a No.”
In the 1960s, more than a third of seniors lived in poverty. Federal programs like Medicare to help the elderly, the situation improved significantly. But last year, the poverty rate for those 65 or older increased, even as it sank for everyone else.
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