Historically, most people didn't even think about their retirement until they were practically knocking on its door. But then again, there was a time when most people earned a living working the land, and the chances were pretty good that their children would assume their duties as they aged. There was also a time, more recently, when pensions dominated professionals' visions of retirement, rather than the 401Ks of today, and the cost of living was far less. Not to mention, the cost of health insurance....
For the first time ever, Congress may move to cut pension benefits to current retirees. Proposed legislation, which would take the form of an amendment to a $1.1 trillion spending bill, would cut benefits for multiemployer plans, common in the grocery, trucking, and construction industries, and often managed jointly by employers and unions.
When the nation's economy close to tanked five years ago, 60-somethings who lost a share of wealth in the downturn panicked, worried they were out of time to recoup. But a recent study shows that Baby Boomers are actually in pretty good shape – they've recovered most of their earnings thanks to some cushion afforded from back in the dot-com era. Gen X and even younger boomers, on the other hand, have had a tough time recuperating from the Great Recession.