A Shockingly Small Number of Americans Receive All the Traditional Sources of Retirement Income
For a long time, the retirement system in America was built around a simple concept: Those who had left the workforce would be supported by a "three-legged stool." These three legs included Social Security, pension income that was provided by an employer and guaranteed to last for life, and savings that people amassed during their working lives.
Now, sadly, the stool has become quite wobbly because it's missing one or more legs for most Americans. In fact, according to recent research from The National Institute on Retirement Security, just 6.8% of older Americans receive money from Social Security, a defined contribution plan (such as a 401(k) plan), and a defined benefit plan (an employer pension that provides guaranteed income).
This isn't likely to change any time soon, so future retirees need to prepare to build the retirement stability they deserve even if the three-legged stool has become a two-legged one.
Source Fool.com
