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Everyone deserves to be able to retire with dignity, but this core
feature of the social contract is in jeopardy. Companies have
swerved away from pensions, and most of the workforce has woefully
inadequate retirement savings. If we don't act to fix this broken
system, rates of impoverishment for senior citizens threaten to
skyrocket, and tens of millions of Americans reaching retirement
age in the coming decades will be forced to delay retirement and
will experience a dramatic drop in their standard of living. In
Rescuing Retirement, Teresa Ghilarducci and Tony James offer a
comprehensive yet simple plan to help workers save for retirement,
increase retirement savings by earning higher returns, and
guarantee lifelong income for everyone. Built on people's own money
in individual Guaranteed Retirement Accounts, the plan requires no
new taxes, no more bureaucracy, and no increase in the deficit.
Speaking to Americans' growing anxiety about their ability to
retire, Rescuing Retirement provides answers to anyone wanting to
understand the growing movement to protect a period of life once
considered a deserved time of rest and creativity and offers a
practical guide to the future of secure retirement.
Everyone deserves to be able to retire with dignity, but this core
feature of the social contract is in jeopardy. Companies have
swerved away from pensions, and most of the workforce has woefully
inadequate retirement savings. If we don't act to fix this broken
system, rates of impoverishment for senior citizens threaten to
skyrocket, and tens of millions of Americans reaching retirement
age in the coming decades will be forced to delay retirement and
will experience a dramatic drop in their standard of living. In
Rescuing Retirement, Teresa Ghilarducci and Tony James offer a
comprehensive yet simple plan to help workers save for retirement,
increase retirement savings by earning higher returns, and
guarantee lifelong income for everyone. Built on people's own money
in individual Guaranteed Retirement Accounts, the plan requires no
new taxes, no more bureaucracy, and no increase in the deficit.
Speaking to Americans' growing anxiety about their ability to
retire, Rescuing Retirement provides answers to anyone wanting to
understand the growing movement to protect a period of life once
considered a deserved time of rest and creativity and offers a
practical guide to the future of secure retirement.
This volume outlines a fresh view on pension plans from the
perspective of both the employer and employee, describing the
possibilities in American labor relations and in Congress to meet
employers' needs to compete and to fulfill the enduring desire of
workers to plan for a financially secure period of leisure at the
end of their working lives. The authors examine the advantages to
employers from sponsoring a defined benefit plan and focus on ways
to stabilize defined benefit plan coverage. They also look into the
need for changes in regulations governing defined contribution
plans, offering a number of innovative policy solutions. Finally,
they provide insight into the political and institutional
constraints that may impede the creation of new pension legislation
that could help to strengthen defined benefit plans and improve
defined contribution plans.
A crisis is looming for baby boomers and anyone else who hopes to
retire in the coming years. 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. Retirement is one of the
hallmarks of a prosperous, civilized market economy. Yet in America
today Social Security is on the ropes. Government and employers are
dismantling pension security, forcing older people to work longer.
The federal government spends billions in exemptions for 401(k)s
and other voluntary retirement accounts, yet retirement savings for
most workers is falling. Ghilarducci takes an unflinching look at
the eroding economic structure of retirement in America--and what
she finds is alarming. She exposes the failures of pension
regulators and the false hopes of privatized Social Security. 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. 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. 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.
"While demographic forces make it inevitable that social
institutions that encouraged workers to retire in their early
sixties must change, this book shows that how we make these changes
will have substantial implications for the risk of poverty and the
general level of economic well-being of older populations. Its
theme is that policy changes that encourage those able to work at
older ages to do so must not come at the expense of our current
system's protection of those less able to work. This is an
important book for those interested in understanding how recent
changes in the United States retirement system are impacting the
employment and economic well-being of older workers." —Richard V.
Burkhauser, Sarah Gibson Blanding Professor of Policy Analysis and
Management, Cornell University "The editors have done an excellent
job of compiling some very valuable and interesting papers on
working longer. With improvements in health and life expectancy,
the decreasing physical requirements of work, and our financing
shortfalls, the options of working longer, phased retirement, and
more flexibility for retirement ages in retirement plans can be
winners. In particular, I found the Introduction's synopsis of the
papers by itself worth the price of the book." —Ron
Gebhardtsbauer, American Academy of ActuariesWhile mandatory
retirement has been eliminated in the United States, a myriad of
policies and practices surround pensions, social security, tax law,
labor contracts, and health benefits, all of which may have an
impact on an older worker’s decision to work or retire and an
employer’s decision to retain and train an older worker. In Work
Options for Older Americans, Teresa Ghilarducci and John Turner
assemble a critically important volume that systematically
addresses many of the issues considered on a daily basis by
employees and employers. Work Options for Older Americans brings
together discussion of these issues by well-known economists and
scholars in other fields, from the Government Accountability
Office, the AARP Public Policy Institute, the U.S. Department of
Labor, and academia. The book contains eleven articles, along with
commentary, that deal with issues of employment opportunity and
constraints for older persons, pension types and coverage,
retirement choices, and public policies that promote or hinder
either retirement or employment of the elderly. Contributors
present effective ways to prepare for this unprecedented growth in
the number of older workers. In the introduction, Teresa
Ghilarducci and John Turner identify how the labor market changes
dramatically as workers age and how these changes affect the
ongoing bargaining between employers and workers. The question is,
are the options that workers want the same as those that employers
offer?
With the aid of her Economics of Aging class, Teresa Ghilarducci
has compiled this comprehensive sourcebook as a guide for
politicians, economists, journalists, students, and ordinary
Americans through the maze of Social Security and the economics of
growing old in America. What You Need to Know About the Economics
of Growing Old (But Were Afraid to Ask)is divided into five
sections. The first section addresses the status of the elderly and
explores such issues as the average life expectancy and the number
of elderly living in poverty. The second deals with the structure
of the Social Security system and its disbursements of benefits.
The third traces the economic path to old age. The fourth considers
changing social norms, including the increase in the number of
women in the workforce. The final section looks at what happens
when the elderly work for pay. This book will be valuable from the
classroom to the halls of Congress. Simply put, it contains
information everyone should know.
Designing pension plans to cover workers and provide the
necessary retirement funds for them is one of the critical issues
of the turn of the century. Written by four experts in the field of
pension funds, this work examines the possibilities for pension
reform based on a detailed understanding of a successful system,
the union pension fund of the Operating Engineers. This type of
plan is managed by workers and management trustees, covering
workers that do not have secure and predictable jobs. The authors
demonstrate just how this pension fund can provide a useful
blueprint for executives, pension fund managers, industrial
relations professionals, and public policy decision makers.
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