The retirement crisis is directly attributable to the failure of the “three-legged stool” of retirement security. Traditionally, defined benefit pension plans (“pensions”), personal savings, and Social Security were seen as the three pillars creating a solid foundation for our retirement system. Each should play an important role in supporting people in old age. However, the stool, never sturdy, has become increasingly wobbly as pensions have disappeared and the middle class is finding it harder and harder to save. .
