Was reading about the three-legged stool the other day re retirement and realized too many people probably do not even know the term or what it refers to. Our politicians have stolen the American dream with zero consequence.

I'm older than most of you but I still didn't know that term and I had to google. I almost laughed when I learned the definition.

Three-Legged Stool: Meaning, Overview, History

The "three-legged stool" is an old phrase that many financial planners once used to describe the three most common sources of retirement income: Social Security, employee pensions, and personal savings. It was expected that this trio would together provide a solid financial foundation for the senior years. None of the three was expected to support most retirees on its own.

[–] The_Walkening@hexbear.net 17 points 9 months ago (2 children)

They removed the employee pension part of the leg and replaced it 401k's which have only been around since the 80's and there is not a generation of people that have retired on them.

[–] InevitableSwing@hexbear.net 13 points 9 months ago

The concept of a pension was retired. But financial "innovations" like gig economy, copays, deductibles, medical bankruptcy, student debts, etc have been greatly expanded. Capitalism, baby!

[–] StellarTabi@hexbear.net 9 points 9 months ago

401k's which have only been around since the 80's and there is not a generation of people that have retired on them.

damn, somehow I know that after all my 401k-less comrads die in the freemarket famines, of 2050, probably the last rugpull on my generation will be the collapse of 401ks. Then in 2070 there will be YouTube videos explaining why 401ks were an obvious scam from the beginning, but you probably won't find anyone explaining/claiming that today. It's just going to happen somehow I know it lol.