Trouble ahead: Fewer have retirement funds, more raid them

February 5, 2013

Elderly couple calculating their personal finances at home (Thinkstock)ANN ARBOR—The proportion of working Americans with pensions of any kind has steadily decreased since 2001, according to a University of Michigan analysis that suggests trouble ahead for U.S. seniors.

“We expected to see a decline in the percent of employed workers with defined benefit pensions,” said U-M economist Frank Stafford. “Everyone knows they’re a thing of the past. But we also found that participation in defined contribution plans declined, going from 33 percent of employed men in 1999-2001 to 30 percent in 2007-2009. And that is the opposite of what we expected.” (more…)

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