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Social Insecurity

401(k)s and the Retirement Crisis

Russell, James W.

(Book - 2014)
Average Rating: 4.5 stars out of 5.
Social Insecurity
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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. Now, tens of millions of Americans are discovering that they would have been better off under traditional pension plans long since replaced. Russell 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.
Publisher: Boston :, Beacon Press,, [2014]
ISBN: 9780807012567
0807012564
Characteristics: xix, 201 pages ;,24 cm

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Nov 10, 2014
  • montieth rated this: 5 stars out of 5.

James Russell's new book is a must for anyone who wants to understand how the financial investment industry serves itself at the expense of the employee. Professor Russell outlines his own experiences with 401(k)s and explains how even he, a college professor, didn't realized how inadequate his retirement savings would be. The book gives a fascinating account of how a group of professors who had been pursuaded to give up their university pensions for defined contribution plans, realized how inadequate these plans were and successfully fought to win back the pensions. With easy to understand graphs, the reader can understand how adequate their income will be in retirement. He offers the way forward with creative and workable policy solutions for the coming retirment crisis.

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app08 Version gurli Last updated 2014/12/09 10:52