Even though the United States has a retirement system, it is not perfect. Compared with the retirement systems in other developed nations, it has become apparent that there are flaws in America’s system—chiefly because not everyone has access to a secure financial future.
1) Have a Retirement Plan
The biggest retirement system flaw, says Yahoo.News, is that most workplaces do not have a retirement system available for their employees. There are no 401(k)s, IRAs, or other plans available for them to save for retirement.The result is that about 57 million people in the private sector are without a retirement plan in 2020, says a report by the Center for Retirement Initiatives, which is out of Georgetown University. According to that report, about 67.3 million have access to workplace-sponsored retirement plans, leaving 46 percent without one.
