Just for a little context, fewer than half of Americans even have access to a 401(k) (or 403(b) or similar) retirement plan, and its disproportionately the wealthy that can afford to take advantage of such plans: http://www.cbsnews.com/news/study-401k-retirement-plans-fail...
Look, I get where you're coming from, in that you don't feel rich, especially in the context of San Francisco, but seriously...
"The median household income in the United States today is $50,000. Half of all households make more than this. Half of all households make less. The big expenses in the Xxxxxxxxx family budget--their $60,000 a year in contributions to tax-favored retirement savings vehicles, their $25,000 a year savings building home equity, their $55,000 for housing, their $60,000 in private school costs, even their $10,000 a year for new cars--are simply out of reach for the overwhelming majority of Americans."
Just for a little context, fewer than half of Americans even have access to a 401(k)
Yep. That's going to be a problem.
Even many of those who do have a 401(k) (or equivalent) are subject to market losses, insufficient funding, interrupted employment (how many 30-40 somethings do you know with significant interruptions in the professional lives -- right in the middle of their peak earning years)? One of a number of messes we're busily creating.
I've been arguing in another thread about what a minimum living wage means, and on those terms, you've got to allow for retirement. Otherwise the alternative (including state support of retirees) remains yet another net welfare support for businesses which were paying insufficient salaries in the first place.
Look, I get where you're coming from, in that you don't feel rich, especially in the context of San Francisco, but seriously...
"The median household income in the United States today is $50,000. Half of all households make more than this. Half of all households make less. The big expenses in the Xxxxxxxxx family budget--their $60,000 a year in contributions to tax-favored retirement savings vehicles, their $25,000 a year savings building home equity, their $55,000 for housing, their $60,000 in private school costs, even their $10,000 a year for new cars--are simply out of reach for the overwhelming majority of Americans."
http://delong.typepad.com/sdj/2010/09/in-which-mr-deling-res...