Abstract and Keywords
The American retirement income security system fails in many ways: it does not cover every worker, provide adequate retirement income, operate efficiently, or distribute government subsidies effectively and fairly. Only about half of workers have a pension at work—one of the best and most practical ways to save for retirement. Many of those pensions are rather small. Workers who do save have limited access to the best quality investment managers, appropriate portfolio structures, low fees, economies of scale, and cost-effective annuities because of the growing use of 401(k) plans that favor the highest-income workers. Consequently, many American workers will face economic hardships when they retire.
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