The Retirement Challenge: What’s Wrong with America’s System and a Sensible Way To Fix It

Oxford Univ. Dec. 2022. 296p. ISBN 9780197639276. $29.95. ECONOMICS
Retirement in the United States has changed over the decades and will continue to evolve as the government and employers contribute less toward worker’s savings. Baily and Harris, former White House economists, explore this nuanced challenge as well as historical trends and future predictions affecting retirement. With the average American living and working longer than ever, retirees need to understand saving options available to them, while anticipating future needs. The big three are covered: social security, pensions, and personal retirement accounts. Baily and Harris also provide insight on consumer and saving behaviors, and even the COVID pandemic, and how these affect retirement. Other mechanisms for saving and taking the risk out of retirement, like annuities, long-term care insurance, and reverse mortgages are also explored in depth. While a comfortable retirement certainly is a challenge, this book ends on a hopeful note, concluding with a vision for the role of government, employers, and individuals working together to ensure future generations are able to retire comfortably and with dignity.
VERDICT A quick yet informative read for anyone wanting to better understand and prepare for retirement.
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