Falling Short: The Coming Retirement Crisis and What to Do about It
Falling Short: The Coming Retirement Crisis and What to Do about It
shifted from government and employers to individuals. For this reason, Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth have written this concise guide for anyone concerned about their own - and the nation's - retirement security. Falling Short is grounded in sound research yet written in a highly accessible style. The authors provide a vivid picture of the retirement crisis in America. They offer the necessary context for understanding the nature and size 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 by building on the existing retirement system. To work longer, individuals should plan to stay in the labor force until age 70 if possible. To save more, policymakers should shore up Social Security's long-term finances; make all 401(k) plans fully
automatic, with workers allowed to opt out; and ensure that everyone has access to a retirement savings plan. Individuals should also recognize that their house is a source of saving, which they can tap in retirement through downsizing or a reverse mortgage.
Author: Charles D. Ellis, Alicia H. Munnell, Andrew D. Eschtruth
Publisher: Oxford University Press, USA
Published: 12/12/2014
Pages: 168
Binding Type: Hardcover
Weight: 0.65lbs
Size: 8.30h x 5.80w x 0.90d
ISBN: 9780190218898
Review Citation(s):
New York Review of Books 03/05/2015 pg. 48
About the Author
Charles D. Ellis was for three decades managing partner of Greenwich Associates, an international business strategy consulting firm. He has taught advanced courses on investing at the business schools of both Harvard and Yale and has served on the governing boards of Yale University, Harvard Business School, Exeter, NYU Stern, and the Robert Wood Johnson Foundation. He currently chairs the Whitehead Institute. Ellis is the author of 16 books, including the bestselling Winning the Loser's Game.