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October 14, 2011 at 12:08 PM
As baby boomers begin leaving the workforce, the impending retirement crisis has become one of the most talked-of issues of the day. There are a number of factors that contribute to this crisis.
First, since the mid-1970s, when Congress approved 401(k) plans and IRAs, the majority of workers have begun to manage their own investment accounts. Historically and today, this has led to lower returns.
Second, as baby boomers retire, there will be less working people that can be taxed by the government. And, boomers are expected to live longer than any previous generation, meaning the government will need to provide care over a longer period, with less income to do so.
