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

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  • Alicia H. Munnell

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.

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  • Alicia H. Munnell, 2015. "Falling Short: The Coming Retirement Crisis and What to Do About It," Issues in Brief ib2015-7, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2015-7
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    File URL: http://crr.bc.edu/briefs/falling-short-the-coming-retirement-crisis-and-what-to-do-about-it-2/
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    Cited by:

    1. David Altig & Laurence J. Kotlikoff & Victor Yifan Ye, 2022. "How Much Lifetime Social Security Benefits Are Americans Leaving on the Table?," NBER Chapters, in: Tax Policy and the Economy, Volume 37, pages 135-173, National Bureau of Economic Research, Inc.
    2. Ravit Rubinstein-Levi, 2021. "Disadvantaged Employees in the Trap of Defined Contribution Pension Plans," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 55-76.
    3. Joseph F. Quinn & Kevin E. Cahill, 2015. "The New World of Retirement Income Security in America," Boston College Working Papers in Economics 887, Boston College Department of Economics.

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