401(k) Specialist Issue 3 - 2022 - 3
EDITOR'S LETTER
A Deep Breath and
Abundance of Patience
" A C GETS A DEGREE, " according to the obnoxious adage voiced by slacker students.
True, but in at least one area-retirement saving-it isn't enough.
CNBC's indispensable Greg Iacurci recently referenced the dismal C+ grade
awarded to the U.S. retirement system by The Mercer CFA Institute Global Pension Index
2021. He also cited Natixis Investment Managers' Global Retirement Index, where
it ranks 18th out of 44 developed countries.
Apparently, American exceptionalism doesn't extend to its pension scheme.
Experts blamed an " uneven, fragmented, patchwork design, " one that " isn't set
up so everyone has a chance at a financially secure retirement. "
Predictably, Iceland, Norway, Denmark, and just about every other Scandinavian
social democracy scored higher, reinforcing the (routinely debunked) Shangri-La
many Americans perceive about the peninsula.
Iacurci quoted advocacy organizations and think tanks like the Brookings
Institution and the Center for Retirement Initiatives-yet excluded the participant
perspective.
Unsurprisingly, asking actual citizens in the listed countries about retirement
security, rather than experts, yields different results.
ING asked workers in the U.S. and 14 European countries whether they feel
they'll receive at least as much or more than they contributed to their respective
retirement systems. The percentage of U.S. respondents who said yes placed third,
behind only Turkey and Spain, beating Europe overall (41% vs. 35%). Despite the
current narrative, it mirrors similar global surveys with America outpacing its cradleto-grave
counterparts in retirement confidence.
Yes, access is an issue, something American Retirement Association Chief Government
Affairs Officer Will Hansen explained in the piece, adding, " the retirement
system is actually a good system for those who have access. People are saving. "
We agree. The system works but should expand, and the focus moving forward
is less about structure than coverage. It's something we've said many (many) times
before, usually after perennial calls from certain sectors for something better with
no clue as to what it might be.
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ISSUE 3 2022 | 401kSpecialist.com
3
Issue 4, 2021 |
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CAPITALIZING ON
CONSOLIDATION
Wise Rhino's Dick Darian
on what's fueling a red-hot
401(k) M&A market
Issue 2, 2022
|
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CHANGING
THE
'It' Advisor Tyrone Ross Jr.
on key industry issues and
his next endeavors
OF
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401(k) Specialist Issue 3 - 2022
Table of Contents for the Digital Edition of 401(k) Specialist Issue 3 - 2022
Table of Contents
401(k) Specialist Issue 3 - 2022 - Cover1
401(k) Specialist Issue 3 - 2022 - Table of Contents
401(k) Specialist Issue 3 - 2022 - 1
401(k) Specialist Issue 3 - 2022 - 2
401(k) Specialist Issue 3 - 2022 - 3
401(k) Specialist Issue 3 - 2022 - 4
401(k) Specialist Issue 3 - 2022 - 5
401(k) Specialist Issue 3 - 2022 - 6
401(k) Specialist Issue 3 - 2022 - 7
401(k) Specialist Issue 3 - 2022 - 8
401(k) Specialist Issue 3 - 2022 - 9
401(k) Specialist Issue 3 - 2022 - 10
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401(k) Specialist Issue 3 - 2022 - Cover3
401(k) Specialist Issue 3 - 2022 - Cover4
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