Tag: retirement
For the average older worker who loses his job, his income a decade later is 15 percent lower than if he had escaped the layoff. It gets worse: His pension wealth is worth 20 percent less, and his financial assets are 30 percent smaller. The enormous financial hit delivered to older workers who experienced a…
Consider this: 92 percent of Australian workers have 401(k)-style plans, while less than half of Americans have any kind of pension coverage on their current job. This yawning disparity exists, because the Australian government requires employers to contribute 9 percent of each worker’s earnings to a personal account, which participants invest much like a 401(k)…
