Launching into a New Age for Retirement
Retirement seems farther off than anticipated for some, but authors Alicia Munnell and Steven Sass provide a solution in order to keep your retirement plan intact and within reach.
We all know that the third time is the charm, three strikes mean you’re out, and the genie only grants you three wishes. What you might not know, is that the number three could also be the magic number that rescues your retirement plan. Working Longer, a new book from the Brookings Institution Press, tackles the slowly aging question about aging: how can retirement plans be salvaged? Authors Alicia Munnell and Steven Sass conclude that the key to increasing retirement income lies in pushing the retirement age from 63 to 66.
Upon analyzing the pros and cons associated with elderly employees in the work place, Wall Street Journal writer David Wessel describes Munnell and Sass’ suggestion as a silver lining in the problem. In his article “Older Staffers Get Uneasy Embrace”, Wessel surmises that “Lengthening life spans don't mean you have to find a boss who will let you work forever…delaying retirement three or four years—to 66, instead of 62, say—will boost retirement income by a third.” The question is does this theory hold any water? More importantly, when you turn 63 will you be in the position to work for three more years? Munnell and Sass answer these questions and more with their findings in Working Longer.
John H. Biggs, former chairman and CEO of TIAA-CREF, is justified in pointing out that “We have made remarkable progress in improving health and longevity. Now we need to figure out how to finance the substantially longer retirements these gains have produced.”
Regarding Working Longer Briggs also comments that "Anyone who is interested in preparing our country for a better retirement future should read this elegant essay."
Read Working Longer for yourself and find out where you stand on this important issue, because whether you’re three years away from retirement or thirty, a new plan might be the best thing for us all.
- Read David Wessel’s article “Older Staffers Get Uneasy Embrace” on wsj.com.
- Learn more about how Working Longer can save your retirement plan.
The Cost of Doing Nothing: Not Enacting Health Care Reform Comes with a Hefty Price Tag
An op-ed in the Boston Globe argues that Congress failing to deliver on health care reform carries a significant economic cost. Linda Bilmes, coauthor of The People Factor, and Rosemarie Day, deputy director of the Commonwealth Health Insurance Connector Authority of Massachusetts, write:
Bilmes and Day argue that the current debate over whether the country can afford the estimated $850 billion price tag of health care reform misses the point. Doing nothing comes with a hefty cost, as well, because the uninsured impose big financial and economic costs on the United States.
- Read the op-ed
- Learn more about The People Factor
Posted by Brookings Press on November 12, 2009 in Commentary, Economics, Health Care, Social Policy | Permalink | Comments (0) | TrackBack (0)