Slate Money Money Talks: What Retirement Crisis?
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Feb 3, 2026 Andrew Biggs, economist and former Social Security deputy commissioner, challenges the idea of a U.S. retirement collapse. He disputes the pessimistic narrative, compares pensions and 401(k)s, and contrasts past and present retiree incomes. He probes longevity, health and housing costs, Social Security’s financing gap, reform politics, and practical steps like modest saving increases or working longer.
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401(k) Coverage Exceeds Old Pensions
- 401(k)s reach far more workers today than old defined-benefit pensions ever did, so aggregate retirement savings are higher now.
- Both employers and employees contribute to 401(k)s, raising total retirement contributions above past pension-era levels.
Retirees Are Better Off Today
- Retirees today have higher incomes and wealth than in past decades, partly due to higher Social Security benefits and more private-plan access.
- Many more retirees now receive private retirement benefits than in the 1970s, improving retirement living standards.
Longevity's Uneven Impact
- Longevity rises matter unevenly; lower-income retirees haven't gained much extra life expectancy, so their retirement needs haven't grown as much.
- Overall, private retirement contributions rose faster than longevity, reducing household-level longevity risk.
