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Demystifies contemporary U.S. retirement policy by revealing how legislative changes over the past thirty years have exacerbated wealth inequalities.

For more than three decades, lobbyists for higher-income earners, financial institutions, and retirement consultants have persuaded Congress to expand tax subsidies for workplace retirement plans and individual retirement accounts (IRAs). Congress spends more than $500 billion each year on these subsidies, most of it merely pumping up the accounts of 401(k) millionaires and almost none of it helping those who face genuine retirement insecurity. This book tells the story of how lobbyists and legislators hijacked retirement policy to line the pockets of affluent workers, financial institutions, and retirement consultants; it demonstrates the resulting growth in wealth inequalities by class, gender, race, and ethnicity; and it sets out a program of sensible policy reform.