Oh, for the good ole days when EVERYONE had a pension!
“As on 1932, only 15% of American workers were potentially covered under pension plan and perhaps 5 percent of those who needed benefits were actually receiving payment. The corporate systems seldom provided benefits for spouses, usually required 15 to 30 years of service, adn only 10 percent of the plans legally obligated the company to any kind of payment.
Because few of the plans were contributory, most did not even offer the advantages of accumulated forced savings. Actuarial weaknesses and a general disregard for the necessity of reserve funds made it unlikely that the system would adequately protect the aged poor.”
But that was for the corporate plans, Josh! I’m a union guy and we always took care of our own. Oh, did ya, eh?
“Trade-union pension plans were of much less statistical significance than their industrial counterparts. As of 1930 only about 15 internationals and a few locals had pension programs.”
Oh and by the way, some 90% of the American work force remained outside the trade unions.
All this, and more, can be found in William Graebner’s book, “A History of Retirement” https://amzn.to/47eJEtV
Finally, just let me say ONE MORE TIME that ERISA came into existence in 1974. And we all know WHY that legislation happened.
So for people who say “most people had a pension”, just laugh at ’em. They don’t know what the hell they’re talking about and haven’t bothered at all with any research.