Falling short : the coming retirement crisis and what to do about it / Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth.

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Bibliographic Details
Published: New York : Oxford University Press, 2014.
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Format: Electronic eBook


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100 1 |a Ellis, Charles D.,  |e author. 
245 1 0 |a Falling short :  |b the coming retirement crisis and what to do about it /  |c Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth. 
264 1 |a New York :  |b Oxford University Press,  |c 2014. 
300 |a 1 online resource :  |b illustrations 
336 |a text  |b txt  |2 rdacontent 
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337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
504 |a Includes bibliographical references and index. 
520 0 |a The United States faces a serious retirement challenge. Many of today’s workers will lack the resources to retire at traditional ages and maintain their preretirement standard of living. The book provides both a vivid picture of the retirement risks facing all Americans and a short list of practical solutions that build on our existing retirement system. The book offers the necessary context for understanding the nature of the retirement income shortfall, which is caused by both increasing income needs—due to longer lifespans and rising health costs—and decreasing support from Social Security and employer-sponsored pension plans. The solutions are to work longer and save more, which require action by both individuals and government. To work longer, individuals should plan to stay in the labor force until age 70, while government should emphasize that retiring at 70 provides the largest monthly Social Security check. To save more, Social Security’s long-term finances must be shored up so that it remains the foundation of the retirement system. All employers with a 401(k) plan should be required to automatically enroll their workers, increase worker contribution rates over time, and use low-cost index funds as a default investment. A separate solution is required for workers without an employer plan; they need an easy and automatic retirement saving option. Finally, individuals should consider tapping their home equity in retirement through downsizing or a reverse mortgage. Acting on these solutions now will greatly improve the retirement prospects for today’s workers. 
650 0 |a Social security  |z United States. 
650 0 |a Pensions  |z United States. 
650 0 |a Retirement income  |z United States. 
700 1 |a Munnell, Alicia Haydock,  |e author. 
700 1 |a Eschtruth, Andrew,  |e author. 
856 4 0 |u https://go.openathens.net/redirector/canterbury.ac.nz?url=http://dx.doi.org/10.1093/acprof:oso/9780190218898.001.0001  |y Connect to electronic resource  |t 0 
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991 |a 2017-09-18 
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