Eighty-two percent of the employees in the survey were covered by private retirement pension plans, with the employer paying the entire cost.70% of those covered had defined benefit plans, aka the pension was a function of earnings.
In 2020, life is rather different
Sixty-seven percent of private industry workers had access to employer-provided retirement plans in March 2020. Fifty-two percent had access only to defined contribution retirement plans. An additional 12 percent had access to both defined benefit and defined contribution retirement plans, while 3 percent had access only to defined benefit retirement plans.So, overall, SS makes up a significant portion of retirement moolah now than it did in 1984. Note, carefully, that last phrase - 3 percent get a defined benefit; aka similar to what a 1984 worker had.
And that 401(k)? That's categorized as a retirement plan; employers may kick in some moolah, but are not required to.
The employer is not responsible to contribute any specific amount to the employee; each agreement is situational according to the workplace.So, when Sleepy Joe talked about SS in 1984, SS was an addition for most workers. These days, not so much.
-- the wiki
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