Government's Role Has Shifted In Retirement Benefits Provision
- Created: Thursday, 15 March 2012 09:08
Americans have come to grips with the fact that guaranteed retirement benefits are no longer a realistic expectation. Social Security is no longer a given, especially for younger generations. Medicare is becoming more and more expensive. And many company pension plans are underfunded or completely defunct. People are taking matters into their own hands but they want a back-up plan.
A recent poll found that 67 percent are already taking charge of providing for their own retirements. But they want government to stand staunchly beside them. There’s been a shift in expectations. Rather than positioning government as a sole or primary provider, government has been given a supporting role. People also want government to insulate them from fraud.
The aging of the Boomer population imposes serious threats to the survival of government programs. People are fearful of being able to maintain their current lifestyles in retirement. The shift in responsibility is a good one. This doesn’t mean government can abdicate its responsibilities.