Falling Short: The Coming Retirement Crisis and What to Do About It

Alicia Munnell

Issues in Brief from Center for Retirement Research

Abstract: 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.

Pages: 9 pages
Date: 2015-04
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Book: Falling Short: The Coming Retirement Crisis and What to Do About It (2015)
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