Kirjahaku

Americans, and the elected officials who represent them, are worried about retirement. Majorities of Americans tell pollsters they fear a "retirement crisis" of inadequate savings and incomes in old age. Some argue that our system of 401(k)s and individual retirement accounts layered on top of a base income from Social Security is an abject failure. Only a complete reboot that expands Social Security and abandons 401(k)s can avert the retirement crisis. But what if that entire narrative is wrong? In The Real Retirement Crisis: Why (Almost) Everything You Know About the US Retirement System Is Wrong, Andrew G. Biggs, a senior fellow at the American Enterprise Institute and former official at the White House and Social Security Administration office, brings economic insights and hard data to bear on America's retirement savings situation. He finds a far more encouraging picture: Americans need significantly less income in old age than you might think. And, thanks to 401(k)s taking over for traditional pensions, Americans have more income in retirement than ever before. The US retirement system compares well to those of other developed countries. In fact, the typical US senior is among the richest in the world. The "retirement savings gap" is overwhelmingly due to governments not funding benefits they have promised.The real risk is if America's retirement success story is derailed.

In a time of record-setting deficits and concern over burgeoning debt, perhaps no single issue is more hotly debated than how to fix Social Security, a program long called the "third rail" of American politics because it killed the political career of anyone who touched it. But the immediacy of America's fiscal problems presents an opportunity to reform and renew one of the largest expenditures in the federal budget. Fixing Social Security requires us to understand the purpose of the program, how it was designed to work, and why it is going broke. In Social Security: The Story of Its Past and a Vision for Its Future, Andrew G. Biggs retraces the history of Franklin Roosevelt's plan to provide for retirees, explains why the current system is unsustainable, and offers a plan to pay back "legacy debt" and create a sound Social Security system for the future.