Retirement is for rich people

Bloomberg reports on the shrinking retirement savings of the average American, as crappy 401(k)s have almost entirely displaced traditional pensions. Meanwhile, retirement payouts for executives are so obscenely out of line with the retirement savings of workers that the inequality even dwarfs the yawning disparity in yearly pay. For its example, Bloomberg points to the case of Gregg Steinhafel, the CEO of Target who departed in the wake of the company’s embarrassing data breach. Steinhafel’s payout from the company is $47 million, or 1,044 times the average balance of workers in the company’s 401(k) plan — and many part-time workers at Target are not even eligible to participate in the 401(k).

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