Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy

Teresa Ghilarducci (@thenewschool) critically examines the trend of extending work life and its impact on retirement security.
In her new book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" she challenges the notion that working longer is a universal solution to pension shortfalls, highlighting its negative consequences on older workers, particularly in physically demanding jobs. Ghilarducci introduces the Gray New Deal, aiming to overhaul the retirement system by increasing Social Security benefits and providing universal pensions, independent of employers. This comprehensive plan seeks to address the inequalities exacerbated by the current system and ensure a dignified retirement for all.
Find the book:
press.uchicago.edu/ucp/books/...

[@amnrob101]

The core of this problem is lack of financial literacy in our education system. We need to educate our young people now so that they can make better financial decisions later.

[@PC-mh4uh]

The government employees are the only ones with pensions now a days and they also have 403b plan to boot! ERISA (1974) was supposed to oversee pensions plans, but my plan was terminated in 1994 and given to the PBGC due to underfunding. The 401k plan has been my retirement for 30 years and will always be mine, my wife's and my kids. It is not a "benefit" as the government says of SSA. How did the government go from a surplus in SSA years ago to an incredible deficit other than miss management?

[@aliceinaddiction]

Agree 100%

[@ELDTAdventures-tp9jy]

Responsibility: the ability to respond. Should we be responsible for our own lives? What if I party everyday and never save a dime? Yep . . . Its society's fault!

[@axiomaddict]

You think that’s the real and only line of demarcation between poverty and well-being? 😄

[@Mr.Buttermaker]

The Economic Man

[@user-dw1ot2fd1g]

💯

[@loisk6186]

Wow! Impressive analysis. I hope the bill goes far (I'm too cynical to expect it to actually pass, at least the first couple times, but I hope it gains traction and starts a mainstream discussion at least.)

[@marc-andreperron219]

I found her comments on dignity to be interesting. As an intrinsic value, how can anyone put an extrinsic value upon it, especially in fiscal terms (i.e., denying someone their dignity)? If dignity is an intrinsic value, then what about personal responsibility for living in a free society (as in freedom)? Does this not carry a heavy burden on the individual? It's easy to talk about spending other peoples' money, but at what cost? Our debt levels are so high, I worry about our current and future generations.

[@testing-nj2ne]

Playing devils advocate; If leaders see the economy as a money making machine, why would you give poor old people the dignity of a retirement? Isn't it better to keep them at work, producing tax dollars? If they die off a little quicker, then again, it should reduce maintenance costs, adding to the GDP. Perhaps the young will see these poor wretches and work a little harder in case this becomes their fate? I like your idea of financial respect for over 65 year olds. But who pays for it and how? WRT: Jobs for old people; It's brutal. At that age, you are looking for "tick over" money. After all your needs are few. This market is extremely limited. Try finding a local job that offers 20 hours a week, at a reasonable wage. It seems to be all or nothing. Either its full time employment, with reasonable overtime (read 55 hours a week) or the dregs.

[@hightide4782]

The young will see from their parents’ experience that they need to save much more for retirement. In other words, they’ll spend much less - sucking demand from the economy. Wall Street benefits, but the rest of the economy suffers. To be blunt, a healthy Social Security and Medicare are good for business, particularly companies that aren’t multinational corporations.

[@Mageroeth]

The young will opt out like they are doing as we speak due to seeing its a game of extracting labor from them. 9 million men (very likely more) are refusing to take part in the economy. Young people are also refusing to have children due to our economy.

[@JulioReguero]

Capitalism can be a better system in countries where people are better educated and can vote for competent politicians who care about their people and want to put the work to make the system work for all, not just for a small percentage of the population who keeps getting richer while the rest keeps getting poorer. On the other hand, Communism doesn't work simply because there is no private property and free market, and it's a heaven for dictators who see an opportunity to exploit the poor and uneducated sectors of a society. Socialism is a bad blend of both systems, focused on the collective good, and it's been proved to be a failed system as well, a utopia of an ideal society. How do I know? Well, 25 years living in Cuba, a total nightmare! I also lived a few years in Guatemala, which is the definition of a Banana Republic under a "wild capitalism" system (high indexes of violence, almost no rule of law, corruption at all levels, and extreme poverty.) And last, 20 years living in USA, which in my opinion is a country with a system in decay in large part due to greed by corporations and abysmal inequality between the top and bottom of the income distribution, and also in the last few years I've witnessed a serious attempt to destroy the American values and democracy as a form of government by political and religious organizations, both domestic and foreign. America is literally following the path of the Roman Republic, and communist China knows it. What a shame. Self-imploded destruction unless politicians stop playing absurd games of power and greed.

[@jacobrocks7]

Have to ever been to China and see what has happened? Clearly not

[@timmy-wj2hc]

That's just a band aid. Capitalism needs to be abolished.

[@kylejohnson4083]

Capitalism has raised more people out of poverty than any other economic system thus far. It is perfect ?? ... NO. Rather than abolishing capitalism, let's have a rational conversation about how to improve it. History shows that socialism, democratic socialism, and communism doesn't work at scale and have all resulted in the death of 100's of millions of people in the last century. It's undisputed.

[@JulioReguero]

Not abolished but evolved. Capitalism can be a better system in countries where people are better educated and can vote for competent politicians who care about their people and want to put the work to make the system work for all, not just for a small percentage of the population who keeps getting richer while the rest keeps getting poorer. On the other hand, Communism doesn't work simply because there is no private property and free market, and it's a heaven for dictators who see an opportunity to exploit the poor and uneducated sectors of a society. Socialism is a variation of both system, focused on the collective good, but it's a failed system as well, a utopia of an ideal society. How do I know? Well, 25 years living in Cuba, a total nightmare! Then a few years living in Guatemala, which is the definition of a banana republic under a wild capitalism system (almost no rule of law, corruption at all levels, and extreme poverty.) And last, 20 years living in USA, which in my opinion is a country with a system in decay in large part due to greed by corporations and abysmal inequality between the top and bottom of the income distribution, and in the last few years a serious attempt to destroy the American values and democracy as a form of government by political and religious organizations, both domestic and foreign. America is literally following the path of the Roman Republic. What a shame.

[@ELDTAdventures-tp9jy]

@timmy-wj2hc Move to North Korea, my friend, and enjoy equality . . .