As a certified financial planner for 27 years, I disagree with the letter “401(k) a bad deal for today’s U.S. worker.”
The writer states that every citizen should be able to be part of a defined-benefit pension system. How would that get paid for? Most corporations and some municipalities have done away with defined-benefit plans because to provide a decent retirement benefit costs a tremendous amount of money. While corporations have some duty to their stockholders, they also have a duty to their employees to make sure the plan is adequately funded. Municipalities have a duty to their taxpayers to make sure we receive adequate services and a fair tax rate. How’s Detroit doing?
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