13. Innovations in Protecting the Old: Mostly Social Insurance and Some Assets | Zendy

Teresa Ghilarducci | Zendy

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13. Innovations in Protecting the Old: Mostly Social Insurance and Some Assets

Author(s) -

Teresa Ghilarducci

Publication year - 2018

Publication title -

columbia university press ebooks

Language(s) - English

Resource type - Book series

DOI - 10.7312/ocam18544-016

Subject(s) - subsidy , asset (computer security) , government (linguistics) , ideology , welfare state , inequality , welfare , social insurance , economics , public economics , labour economics , business , political science , market economy , law , politics , mathematical analysis , linguistics , philosophy , computer security , mathematics , computer science

For the first time in two generations, there’s a growing risk of being poor or near poor in old age because the U.S. pension system has failed. The U.S. pension system is based on a threelayered pyramid, with Social Security on the bottom, employment-based retirement plans in the middle, and personal assets at the top. The second layer has collapsed over the last 35 years as employer-based pensions have shifted years to “do-it-yourself” financial-based accounts anchored in individual asset-building.

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