Trouble ahead: Fewer have retirement funds, more raid them
February 5, 2013
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…)