Traditional retirement model fading as pensions disappear and Social Security faces uncertainty, says early retiree Sam Dogen

Ryan Ermey

22d ago· 5 min readenNews

finance personal economics retirement planning

Summary

The traditional retirement model of relying on pensions, Social Security, and personal savings (the "three-legged stool") is no longer viable for most American workers. Private sector pensions have largely disappeared, with only 15% of private industry workers having access to one in 2022. Social Security faces funding challenges. Self-made millionaire Sam Dogen, who retired at 34, argues that individuals must take responsibility for their own retirement savings and cannot depend on these traditional sources of income.

Source

bskyTraditional retirement model fading as pensions disappear and Social Security faces uncertainty, says early retiree Sam Dogencnb.cx

Key quotes

· 3 pulled

The classic retirement model is dead, says self-made millionaire who retired at 34: 'You just have to count on yourself'

Under a traditional model, American workers were said to be able to rely on three sources of income to fund their lifestyle in retirement: pensions, Social Security and personal savings.

Just 15% of private industry workers had access to a pension in 2022, according to Burea

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With private pensions all but dead and Social Security on shaky footing, the burden is on workers to save for the retirement they want, says Sam Dogen.

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