Author:
Baily Martin Neil,Harris Benjamin H.
Abstract
AbstractThis chapter summarizes the key points of the book. The new retirement paradigm requires action by families, policymakers, and employers. Families must better plan for their futures, saving enough to maintain their standard of living in retirement. Policymakers must preserve key government programs and improve the workings of insurance markets to help retirees handle risks. Employers no longer provide pensions to their workers, but they should help them navigate the hard and confusing choices and risks that they now face. This is not a farfetched collection of proposals; in fact there is no realistic alternative. While some may wish that companies would again provide private pensions, they are not going to do so. Social Security benefits could be more generous but—with Social Security facing long-term financing challenges—policymakers will find it hard enough to maintain Social Security retirement in its current form, let alone expand its generosity.
Publisher
Oxford University PressNew York
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