Pensions were fine back when the vast majority of people worked for the same employer for their entire career. But the number of people who do that these days has dropped significantly. According to the US Bureau of Labor Statistics the average person today changes jobs 12 times during their career. So unless the federal government wants to take over managing pensions then we need something like 401k retirement plans that can follow an employee from one employer to the next.
I think you’re confusing cause and effect. Pensions have been done for a while before people really embrace jumping ship constantly because it’s the only way to grow your wage.
If I was offered a pension, I’d be way less likely to jump ship every 3-4 years because management assholes only ever give a COLA 1-2% over inflation.
401k is the biggest scam.
Just a way to fleece people of their retirements.
People used to get pensions instead of this trash.
Pensions were fine back when the vast majority of people worked for the same employer for their entire career. But the number of people who do that these days has dropped significantly. According to the US Bureau of Labor Statistics the average person today changes jobs 12 times during their career. So unless the federal government wants to take over managing pensions then we need something like 401k retirement plans that can follow an employee from one employer to the next.
I think you’re confusing cause and effect. Pensions have been done for a while before people really embrace jumping ship constantly because it’s the only way to grow your wage.
If I was offered a pension, I’d be way less likely to jump ship every 3-4 years because management assholes only ever give a COLA 1-2% over inflation.
The lack of pensions and low pay are the reason people switch jobs though
Other countries have portable pensions. It’s really not that hard to administer.
401k’s are portable. I’ve had mine follow me through 8 employers.