Social Insecurity

401(k)s and the Retirement Crisis

Russell, James W.

Book - 2014
Average Rating: 4.5 stars out of 5.
Social Insecurity
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
Characteristics: xix, 201 pages ;,24 cm


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Feb 23, 2015
  • StarGladiator rated this: 5 stars out of 5.

Really, both a fantastic book and an eye-opener on the scam of 401(k)s. Please pay close attention to chapter 3, then go and skim the whacko book by whacko author, Deepak Lal [Poverty and Progress]. Also, didn't realize that the Cato Institute employs former thugs from Augusto Pinochet's regime!?!?! What another vile tink tank. Complementary books to read: Retirement Heist, by Ellen Schultz, and Banking on Death, by Robin Blackburn

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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