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Working Longer: The Solution to the Retirement Income Challenge
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Working Longer: The Solution to the Retirement Income Challenge
220Paperback
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Overview
In Working Longer, Alicia Munnell and Steven Sass suggest a simple solution to this problem: postponing retirement by two to four years. By following their advice, the average worker retiring in 2030 can be as well off as today's retirees. Implementing this solution on a national scale, however, may not be simple.
Working Longer investigates the prospects for moving the average retirement age from 63, the current figure, to 66. Munnell and Sass ask whether future generations will be healthy enough to work beyond the current retirement age and whether older men and women want to work. They examine companies' incentives to employ older works and ask what government can do to promote continued participation in the workforce. Finally, they consider the challenge of ensuring a secure retirement for low-wage workers and those who are unable to continue to work.
The retirement system faces very real challenges. But together, workers, employers, and the government can keep this vital piece of the American dream alive.
"Product Details
ISBN-13: | 9780815703112 |
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Publisher: | Rowman & Littlefield Publishers, Inc. |
Publication date: | 05/06/2009 |
Pages: | 220 |
Product dimensions: | 5.90(w) x 9.00(h) x 0.70(d) |
About the Author
Table of Contents
Preface to the Paperback Edition vii
Acknowledgments ix
1 Introduction 1
2 Will Older People Be Healthy Enough to Work Longer? 16
3 Will Older Men Want to Work Longer? 35
4 Will Older Women Want to Work Longer? 61
5 Will Employers Want to Employ Older Workers? 92
6 What Can Be Done? 117
7 Rounding Out the Picture 142
Notes 149
References 179
Index 201
What People are Saying About This
"This book is a badly needed wake-up call. With lifetime pension plans dwindling and employer health benefits to retirees shrinking drastically, Americans--especially the Boomer generation--need to face the reality that Munnell and Sass describe: longer lives, higher costs, and inadequate savings in their 401k plans and elsewhere. This means that average Americans are going to have to work longer or face poverty in their so-called golden years." Hedrick Smith, correspondent, PBS Frontline: "Can You Afford to Retire?"
"The United States has a retirement income problem. This remarkable book examines one potential solution to the problem: increased work by older Americans. Munnell and Sass provide thoughtful answers to the key questions. This is a lucid, thorough, and thought-provoking contribution to a very important debate." Robert Hutchens, Cornell University
"We have made remarkable progress in improving health and longevity. Now we need to figure out how to finance the substantially longer retirements these gains have produced. In Working Longer, Munnell and Sass make a strong case for moving the average age at retirement from 62 to 65 or 66& #151;and thereby safeguarding the future of most retirees. Anyone who is interested in preparing our country for a better retirement future should read this elegant essay." John H. Biggs, former chairman and CEO, TIAA-CREF
"The retirement landscape is different from the one you might have imagined just a few years ago. The good news is that you're living longer. The bad news is that health care will cost more, pensions are shrinking, and your investments might not have grown as fast as you'd hoped. Munnell and Sass show you how& #151;by working a little longer& #151;you can overcome these challenges and live the retirement you'd planned." Jane Bryant Quinn, financial columnist and author of Smart and Simple Financial Strategies for Busy People
"As Americans live longer and healthier lives, many seniors will need to generate additional income to remain financially secure. The skills, experience, and expertise of these seasoned workers can only stand to benefit our economy. This book is a timely and comprehensive look at the challenges and opportunities of recruiting and retaining older workers." U.S. Senator Herb Kohl (D-Wisc.), Chairman of the Senate Special Committee on Aging