PLEDGE NOW
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

Guest:


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.

August 26 5 Comments

Virginia TV Reporter, Cameraman Killed On Air

Franklin County Sheriff Bill Overton says the suspect in the shooting has died of a self-inflicted gunshot wound.

August 26 12 Comments

A Recipe For Longevity? Beans, Friends, Purpose And Movement

For nearly a decade, Dan Buettner has researched the places people live longest, healthiest and happiest.

August 25 Comment

Recipes To Celebrate National Sandwich Month

From an end-of-summer tomato tartine to an Italian grilled vegetable sandwich, our resident chef shares her favorites.

August 25 3 Comments

Jimmy Carter’s Fight To Eradicate The Guinea Worm

The former president and founder of The Carter Center said he wants the last guinea worm to die before he does.