Falling Short: The Coming Retirement Crisis and What to Do About It
The brief’s key findings are: *Today’s workers face a brewing retirement crisis due to: *a growing need for income driven by longer lifespans, rising health costs, and low interest rates; and *reduced support from Social Security and defined benefit pension plans. *Fortunately, the solutions are at hand: *Policymakers should shore up Social Security with more revenue, make 401(k)s fully automatic, and ensure everyone has access to a savings plan. *Individuals should work longer – to age 70 if possible – and consider tapping their home equity in retirement to support day-to-day needs. *Any delay in responding to the challenge will only make adjustments more painful down the road.
Year of publication: |
2015-04
|
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Authors: | Munnell, Alicia H. |
Institutions: | Center for Retirement Research (CRR), Boston College |
Saved in:
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