ABSTRACT
The whole idea of inducing large numbers of older people to leave the work force depended upon a presumption that enough income could be provided to the workers who left to ensure a dignified retirement. The uneven character of pension coverage has been another factor in the failure of the retirement strategy to achieve the hoped for dignified retirement for many people who left the work force. Pension coverage expanded rapidly in higher education institutions, foundations, and private and voluntary organizations. The retirement strategy presumed that during their work lives workers would acquire various kinds of investments, along with their Social Security and pension entitlements, that would provide them with retirement income. Stocks and bonds have become increasingly popular among the middle class since World War II, but very few people in lower-income groups have been able to develop meaningful retirement income assets from this source. Saving for retirement has proved to be an illusion for most low-income workers.
