The Broken Pension System

The decline of pensions in the United States significantly impacts financial stability for many, as most private-sector jobs no longer offer long-term pension benefits. Workers now rely heavily on 401(k) plans, which have proven inadequate for many lower and middle-income earners, often favoring only those who stay at a single job for decades. The Boeing strike highlighted workers' desire to return to pensions in light of their struggles with 401(k) shortcomings. A proposed solution involves establishing portable pension accounts that workers can accumulate over their careers, receiving mandatory contributions from employers, to ensure financial security in retirement.