Jill on Money with Jill Schlesinger
Work, Retire, Repeat Part Two
May 5, 2024
Teresa Ghilarducci, labor economist and author, discusses challenges in retirement savings and the impact of wage stagnation. She also explores the difficulties of working longer in your 60s for retirement, highlighting issues like inconsistent employment and financial insecurity.
07:19
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Quick takeaways
- Financially unprepared retirees face challenges due to lack of wage increases and retirement plans.
- Comprehensive retirement planning beyond traditional methods is vital for long-term financial stability post-employment.
Deep dives
Retirement Challenges Faced by Many Americans
Despite the traditional idea of retirement planning with a three-legged stool - social security, workplace retirement plan, and private wealth, many Americans find themselves unprepared financially. The bottom 90% of the population often did not receive wage increases, lacked employer-provided retirement plans, and faced challenges in building retirement savings due to market fluctuations. The fallacy of working longer as a solution is debunked, as early social security claims, low retirement savings, and reduced job opportunities in later years leave many retirees financially strained.
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