In plan, the funds would not be managed by Wall Street but sent to Washington, where the federal government would guarantee a minimum return of 3 percent a year. No other book makes such a persuasive case for overhauling the pension and Social Security system in order to provide older Americans with the financial stability they have earned and deserve. Ghilarducci puts forward a sweeping plan to revive the retirement-income system, a plan that will ensure that, after forty years of work, every American will receive 70 percent of their preretirement earnings, guaranteed for life. She tells the ugly truth about risky 401(k) plans, do-it-yourself retirement schemes, and companies like Enron that have left employees without any retirement savings. She exposes the failures of pension regulators and the false hopes of privatized Social Security. Ghilarducci takes an unflinching look at the eroding economic structure of retirement in America - and what she finds is alarming. The federal government spends billions in exemptions for 401(k)s and other voluntary retirement accounts, yet retirement savings for most workers is falling.
Government and employers are dismantling pension security, forcing older people to work longer. Yet in America today Social Security is on the ropes. Retirement is one of the hallmarks of a prosperous, civilized market economy.
WHEN I AM SIXTYFOUR HOW TO
In When I’m Sixty-Four, Teresa Ghilarducci, the nation’s leading authority on the economics of retirement, explains how to confront this crisis head-on, revealing the causes behind the increasingly precarious economics of old age in America and proposing a bold plan to guarantee retirement security for every working citizen. A crisis is looming for baby boomers and anyone else who hopes to retire in the coming years.
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