While many Americans are facing a “frightening retirement reality,” 100 CEOs are looking at “colossal nest eggs” and can look forward to monthly retirement checks of over $250,000 for the rest of their lives.
The Institute for Policy Studies (IPS) puts a spotlight on this massive savings gap in its new report (pdf), “A Tale of Two Retirements.”
“While slashing jobs and benefits for ordinary workers, CEOs of large companies have been feathering their own nests,” stated Sarah Anderson, report co-author and director of the IPS Global Economy Project. “It’s no wonder so many American workers are concerned about whether their golden years will be tarnished by financial stress.”
In fact, these 100 CEOs have retirement funds that total $4.7 billion. That’s as much as the retirement savings of the 41 percent of U.S. families with the smallest nest eggs—that’s 116 million people. The report also notes that 37 percent of U.S. families have no retirement wealth at all.