Overview

The United States faces a serious retirement challenge. Many of today's workers will lack the resources to retire at traditional ages and maintain their standard of living in retirement. Solving the problem is a major challenge in today's environment in which risk and responsibility have 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 offers 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 seventy 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.

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Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences, Carroll School of Management, and director of the Center for Retirement Research at Boston College. She has served as assistant secretary of the Treasury for economic policy and as a member of the President's Council of Economic Advisers. She was also cofounder and first president of the National Academy of Social Insurance. Munnell has written several books, including Working Longer: The Solution to the Retirement Income Challenge, with Steven Sass, and Coming Up Short: The Challenge of 401(k) Plans, with Annika Sunden. Charles D. Ellis is the founder and former managing partner of Greenwich Associates, an international consultancy where he advised large institutional investors, foundations, and government organizations in more than 130 financial markets across the globe. He has taught investing at both Harvard and Yale and is the author of more than fifteen books, including the bestselling Winning the Loser's Game. Andrew D. Eschtruth is associate director for external relations at the Center for Retirement Research at Boston College. He directs the Center's communication activities and manages relationships with the government, foundation, and corporate communities. Previously, Eschtruth was a senior analyst with the U.S. Government Accountability Office specializing in federal fiscal policy and social insurance programs. Michael Butler Murray is a professional actor, narrator, and musician who has voiced over fifty-five audiobooks. His recorded titles run the spectrum from dramatic to comedic fiction and nonfiction titles varying in topics from the Middle East to understanding your dog's olfactory senses. Born on Long Island, New York, he has been performing his entire life. Over the past few decades, he has performed in slews of musicals, dramas, and improv shows across the country, has appeared in several films, and performs regularly with his guitar comedy duo, Schoolcraft & Murray. He loves stretching his legs in the great outdoors, sailing, surfing and, naturally, sitting in a quiet box reading aloud.

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