Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Monday, August 6, 2012

Is The Retirement System Failing Americans?

Economist Teresa Ghilarducci (courtesy: Princeton University)

How much should you save for retirement? Economist Teresa Ghilarducci says you need between 10 and 20 times your annual salary, if you want to maintain your current lifestyle. That means if you make a $100,000 a year, you need up to $2 million in cash and assets.

But 75 percent of Americans approaching retirement in 2010 had under $30,000 in the bank.

Ghilarducci says the numbers show we have a crisis on our hands.

But she told Here and Now’s Robin Young, “People should stop blaming themselves.”

She says failure is baked into the system.

Ghilarducci says 401(k) savings accounts don’t give employees enough choice and they usually come with high fees that can erode your retirement income by 20 to 40 percent.

Ghilarducci argues that we need a new government-run savings plan to supplement Social Security, a proposal that has led critics on the right to call her, “America’s Most Dangerous Woman.”

Replay Our Chat With Retirement Expert Teresa Ghilarducci


Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

October 2 5 Comments

Study: Chemo Unnecessary In Many Cases Of Early-Stage Breast Cancer

A new study finds that many women with early stage breast cancer don't benefit from chemotherapy.

October 2 3 Comments

Fishing For Gold After Viral Video Fame

The video of a Boston-area man's incredulous and expletive-laden discovery of a sunfish has gone viral. What happens now?

October 1 Comment

A Rare Bipartisan Effort To Reform The Criminal Justice System

The legislation would reduce mandatory minimums for certain drug offenses and largely ban solitary confinement for juveniles.

October 1 42 Comments

What Does It Mean To Raise A Spiritual Child?

Psychologist Lisa Miller discusses the scientific link between spirituality and health, and how it relates to children.