Since the 1980’s the financial industry has done a good job lobbying Washington for regulatory and tax changes that have made Wall Street the de facto retirement system for our nation.  Today,fewer and fewer workers have defined benefit pensions (with guaranteed income), and must rely on contributions to 401K’s and IRA’s — and the promises of great returns — to fund their retirement.  People are essentially forced to put their retirement funds into market-based fincial products, even when there are no good investments to be had.  This article from the Center for American Products outlines what has been happening and is titled: The Benefit of Defined Benefits.

http://www.americanprogress.org/issues/2008/10/dbplans.html

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