It is almost taken for granted that Americans are dramatically undersaving for retirement – a crisis, it’s called. Yet the single biggest change over the past half century to household wealth is a massive increase in retirement savings like IRAs and 401(k)s. Pension savings today is roughly equal to 100% of GDP; in 1950 it was roughly one-fifth that large.
It is almost taken for granted that Americans are dramatically undersaving for retirement – a crisis, it’s called. Yet the single biggest change over the past half century to household wealth is a massive increase in retirement savings like IRAs and 401(k)s. Pension savings today is roughly equal to 100% of GDP; in 1950 it was roughly one-fifth that large.