Book Review: "Retirement Heist"
Board: Macro Economics
I don't know where I got the recommendation to read this book: a bibliography of another of the many books I've been reading over the last couple of years; possibly a poster here at the Fool, I just don't remember.
That being said, I'm 50 pages into the book and have been absolutely astounded at what is being disclosed by this authoress. She is a former journalist for the Wall Street Journal and, so far in the first 50 pages of the book, has named so many companies and at least three different mechanisms they have used to take money out of pension plans, reduce contributions, or both. She has named many large US corporations and, in some cases, the CEOs who approved the new plans.
I had some idea, from reading financial statements and the assumptions that were (to me) outrageously optimistic, that the plans were under-funded....but I had no idea to what lengths pension fund robbing has gone.
The book title is: "Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers" by Ellen E. Schultz.
I have linked the Amazon listing because it has a number of editorial reviews that are, as far as I could tell from what I've read of the book so far, are understated.
I believe this could be a very macroeconomic issue as boomers discover that what they thought their retirement income would be is going to be significantly different (lower) than what they will be receiving.
I haven't seen much discussion of this topic on this board over the last few years, so maybe it might be of interest to some. She is a good writer and the pace of the book moves right along. Easy to read, hard to digest the ramifications....and Amazon has several (at least) that are very inexpensive to buy.