Retirement options affected by finance from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
The intersection of labor and finance has significant implications for retirement options. As companies increasingly prioritize financial performance, they are compelled to adjust retirement benefits to control costs and appease shareholders. This often results in a shift from defined benefit pensions to defined contribution plans, such as 401(k)s, placing more responsibility on employees to save for retirement. The financialization of retirement plans has made individuals more vulnerable to market fluctuations and economic uncertainties, leading to greater inequality in retirement security. Furthermore, the rise of financial institutions in managing retirement funds has introduced new complexities and risks. These institutions, driven by profit motives, may prioritize short-term gains over long-term retirement security. This can lead to...
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