Have we been sold a dream that will never be attainable?
It turns out retirement has always been nothing more than a dream for most.
Nevin Adams of the Employee Benefit Research Institute tells the story: "Only a quarter of those age 65 or older had pension income in 1975 ... The highest level ever was the early 1990s, when fewer than 4 in 10 (both public- and private-sector workers) reported pension income."
Mr. Adams continues: "In other words, even in the 'good old days' when 'everybody' supposedly had a pension, the reality is that most workers in the private sector did not."