Social Insecurity PDF ePub eBook

Books Info:

Social Insecurity free pdf How 401(k)s have gutted retirement security, from charging exorbitant hidden fees to failing to replace the income of traditional pensions A retirement crisis is looming. In 2008, as the 401(k) fallout rippled across the country, horrified holders watched 25 percent of their funds evaporate overnight. Average 401(k) balances for those approaching retirement are too small to generate more than $4,000 in annual retirement income, and experts predict that nearly half of middle-class workers will be poor or near poor in retirement. But long before the recession, signs were mounting that few people would ever be able to accumulate enough wealth on their own to ensure financial security later in life. This hasn't always been the case. Each generation of workers since the nineteenth century has had more retirement security than the previous generation. That is, until 1981, when shaky 401(k) plans began replacing traditional pensions. For the last thirty years, we've been advised that the best way to build one's nest egg is to heavily invest in 401(k)-type programs, even though such plans were originally designed to be a supplement to rather than the basis for retirement. This financial experiment, promoted by neoliberals and aggressively peddled by Wall Street, has now come full circle, with tens of millions of Americans discovering that they would have been better off under traditional pension plans long since replaced. As James W. Russell explains, this do-it-yourself retirement system--in which individuals with modest incomes are expected to invest large sums of capital in order to reap the same rewards as high-end money managers--isn't working. "Social Insecurity" tells the story of a massive and international retirement robbery--a substantial transfer of wealth from everyday workers to Wall Street financiers via tremendously costly hidden fees. Russell traces what amounts to a perfect swindle, from its ideological origins at Milton Friedman's infamous Chicago School to its implementation in Chile under Pinochet's dictatorship and its adoption in America through Reaganomics. Enraging yet hopeful, Russell offers concrete ideas on how individuals and society can arrest this downward spiral.

About James W Russell

James W. Russell is the author of eight books, including "Double Standard: Social Policy in Europe and the United States." An authority on retirement policy in the United States, Europe, and Latin America, Russell led one of the first employee movements to successfully challenge the dominant trend and replace a 401(k)-like plan with a more secure traditional pension plan. He has taught at universities in the United States and as a Fulbright professor in Mexico and the Czech Republic. He lives in Storrs, Connecticut.

Details Book

Author : James W Russell
Publisher : Beacon Press (MA)
Data Published : 01 April 2014
ISBN : 0807012564
EAN : 9780807012567
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : pages
Age + : 15 years
Language : English
Rating :

Reviews Social Insecurity



17 Comments Add a comment




Related eBooks Download


  • Your Complete Retirement Planning Road Map free pdfYour Complete Retirement Planning Road Map

    Corporate pensions are disappearing. Social Security is in trouble. And the sizable postwar generation is reaching retirement age. With the futures of millions of Americans at stake. Ed Slott..


  • The Truth about Retirement Plans and IRAs  free pdfThe Truth about Retirement Plans and IRAs

    From the #1 independent financial advisor in America. ranked three times by "Barron s" a guide to making the most of your retirement plans and assuring long-term financial security..


  • The Truth about Retirement Plans and IRAs  free pdfThe Truth about Retirement Plans and IRAs

    From the #1 independent financial advisor in America. ranked three times by "Barron s" a guide to making the most of your retirement plans and assuring long-term financial security..


  • Plan A Secure Retirement free pdfPlan A Secure Retirement

    Are you only a few years away from retirement and fearful of how you will manage. particularly in the current financial climate. This book is aimed at those about to retire who want to make the most of their money in retirement but it's about much more than just pensions..


  • The Oxford Handbook of Retirement free pdfThe Oxford Handbook of Retirement

    As the Baby Boom generation approaches traditional retirement age. the aging of the global labor force will continue to lead to an increase in the number of people who will transition into retirement in the next decade..


  • Social Insecurity free pdfSocial Insecurity

    . How 401(k)s have gutted retirement security, from charging exorbitant hidden fees to failing to replace the income of traditional pensions A retirement crisis is looming. In 2008, as the 401(k) fall