Retirement Evolution Over the Years
Retirement has taken on a new face in recent years, in many ways a direct contradiction to traditional ideals. The most jarring difference is in how retirement is funded now, whereas 30 years ago Social Security made up 65% of income in retirement today it only makes up 27%. Furthermore, pensions have become a scarcity, ownership dropping from 46% down to 19%. These statistics are reflected again in health care coverage, now being an overwhelmingly sole venture where before it was mostly covered by the employer. Retirement is being placed in the hands of the individual and they are being expected to carry more and more of the responsibility of planning their own retirement. For more information on this topic, visit this article by Ken Moraif with MarketWatch.
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