What is commonly referred to as a "three-legged stool" in the context of economic security?

The term "three-legged stool" is commonly referenced in discussions about economic security, particularly regarding retirement and financial planning. The concept represents the idea that individuals should rely on three key sources of income during retirement to ensure financial stability: Social Security, personal savings, and employer-sponsored retirement plans (such as pensions or 401(k) plans). Each leg of the stool supports the others, and if one leg is weak or absent, the overall stability of the financial situation can be compromised, leading to insecurity during retirement.

The effectiveness of this metaphor lies in its simplicity, illustrating the importance of having a diversified approach to income sources. Relying solely on one source, such as Social Security, may not provide sufficient funds for a comfortable retirement, underscoring the value of balancing contributions from multiple facets of financial planning.

The other terms mentioned do not specifically convey the balanced multi-source income framework represented by the "three-legged stool." While they may relate to economic concepts more generally, they do not capture the nuance and specificities tied to retirement security that the "three-legged stool" metaphor embodies.