Six Lessons From the Land of the Million Dollar Pension ; We All Face a Dismal Retirement Unless a Radical New Approach Is Taken...And Soon. Neil Simpson Examines the American Way

Summary

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America is firmly back in business after November's presidential election and workers in Washington DC are still heaving a big sigh of relief.

If John Kerry had won, it would not have been only George W Bush leaving the capital on January 20. A change of president signals a massive upheaval in politically appointed personnel, with tens of thousands of civil servants forced to look for new jobs.

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Extract

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Six Lessons From the Land of the Million Dollar Pension ; We All Face a Dismal Retirement Unless a Radical New Approach Is Taken...And Soon. Neil Simpson Examines the American Way

And losing a post in government means losing a rare benefit in American life a secure, blue-chip pension scheme.

The most important US government employees enjoy benefits similar to those of Britain's fast-disappearing final salary schemes. These workers will be paid pensions based on their wages at retirement and the length of time they have been working.

But most other American workers have no such security. The...

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