Summary
In 1994, the nation’s retirement structure was changing rapidly. The number of defined-benefit plans had fallen by more than 50%. Meanwhile, the number of 401(k) accounts was soaring. Baby boomers were the first defined-contribution generation. Unlike their predecessors, they would largely be planning for retirement on their own.
The 65 to 74 group has enjoyed the second-highest overall gain among the seven cohorts. The 75-plus crowd places fourth. The New York Times presented an assertion as a fact. It should not have done so. The current system possesses weaknesses as well as strengths.
