With Mother’s Day approaching, it seems only fitting that I put in a plug for the current edition of Mother Jones magazine. Its cover asks, “Who Ran Away With Your 401(k)?” and the issue is required reading for anyone interested in the future of retirement income.
In the lead story, “Who Shredded Our Safety Net?“, James Ridgeway uses his own work history to trace the growth of 401(k)s and highlight the problems caused by our increasing reliance on them. The article provides an indispensable overview of how our retirement income system evolved into what it is today and insight into where it might be headed. It also includes a quote from our director, Karen Ferguson, as well as a mention of Retirement USA. In “Rip-Off Artists,” David Cay Johnston describes various ways that companies and executives can game the system to break pension promises to workers. In “Security Blanket,” James K. Galbraith makes that case that Social Security and Medicare could be “powerful weapons” against the current economic crisis. And in “No Country for Middle-Aged Men,” Sasha Abramsky illustrates the real-world impact that our faulty retirement system has had on older workers.
Ridgeway’s article is available online for free right now, and the rest of the issue should be available online over the next several weeks. Or look for the magazine at your local newsstand or bookstore.