This episode explains the current state of retirement in America and argues that it is a crisis. The author highlights the shortcomings of ERISA, the federal law that governs retirement plans, and its failure to adequately protect many workers. The text points to the lack of traditional pensions, the increasing burden of debt, and the substantial cost of healthcare in old age. It further argues that the current generation of workers faces significant challenges in saving for retirement, particularly with the rise of expenses and the need for long-term care. The article explores possible solutions, including universal retirement savings systems, auto-portability of 401(k) plans, greater use of annuities, and financial literacy education.

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