THE NEW HOLISTIC RETIREMENT • 39 wb uotui lt dwcaosnut pr i bt ou tt he eme omnpe lyo yt oe ea tno egmr opwl otyheaet’ smqounael yi f iaendd amc caonuang te, it so they’d have enough income to last a lifetime. We transitioned from a system of defined benefits (where ad ecfoi nmepda nc oy npt rr oi bvui dt ieodn ys o(uwah se er te i na ccoommepaamn yo upnr to)v i dt oe da syyosut eams oe ft amount to save each year). It was a HUGE change. And it caught on. By 2017, only 13 percent of private- sector employees had a pension. 21 While public-sector e p m en p s l i o o y n e s es at st t i h ll e o m fte u n nic h ip a a v l e , s p t e a n te s , ion an s, d m fe a d n e y ra g l o l v e e v r e n l m s e a n r t e underfunded. 22 Employers may have abandoned long game income for tnheeeidr fwo ro rskt ae br sl e, , bl uo tn gt-ht oe rsme wr eotri rkeemr se nhta vi necno’ tmaeb. aSnodnoonwe d t ht he ye had to find a different way to get it. Witness the birth of the annuity. New Approach to Long-Game Income Ma nuncuha ll i ki ne cpoemn sei otnhse, ya nc na nu i’ tt i eosu ot lfifveer. aEws saeynftoi ar l sl ya,v eyrosut og iavcec easns at hnenyu gi tuya cr ao nmt ep ea na ys eat pi nocrot imo ne yoof uy’ lol ur re cseai vv ien igns ,r ea tni rde, mi ne nr et teuarcnh, year—no matter how long you live. 21 Kathleen Elkins. CNBC. J une 9, 2022 . “A Brief History of the 401(k) , Which Ch ihsat no rgye -do Hf - tohwe -A4m0 1ekr -i cwahnisc hR-ecthi raen, ”g ehdt t-phso:w/ /-wa mwewr i. ccna nb cs .-croemt i r/e2. h0t1m7 l/ 0 1 / 0 4 / a - b r i e f - 22 Federal Reserve . June 9 , 202 1 . “ State and Local Government Pension Funding Status: 2002-2019 ” https://www.federalreserve.gov/releases/z1/dataviz/ pension/funding_status/chart /
Made with FlippingBook interactive PDF creator