This is the first post in a series exploring class divides across America's largest cities and metros. Social class, an inescapable presence in American life, influences almost every aspect of our culture. It is inscribed on our very geography. Although our cities are more than ever our most powerful economic engines, they also are becoming more divided along class lines, creating distinct experiences within a given city.
The average 401(k) and other defined contribution (DC) plan participant now defers over 8% of their annual income toward retirement savings through their plan and social security taxes, making it one of the largest expenses for households. However, as HelloWallet found, retirement readiness remains stubbornly low: the typical worker near retirement only has about 2 years of replacement income saved, or about 15 years short of the median lifespan post-retirement.