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Shared Responsibility, Shared RiskGovernment, Markets and Social Policy in the Twenty-First Century$
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Shared Responsibility, Shared Risk: Government, Markets and Social Policy in the Twenty-First Century

Jacob Hacker and Ann O'Leary

Print publication date: 2012

Print ISBN-13: 9780199781911

Published to Oxford Scholarship Online: February 2015

DOI: 10.1093/acprof:osobl/9780199781911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 November 2020

Bigger and Better

Bigger and Better

Redesigning Our Retirement System in the Wake of the Financial Collapse

Chapter:
(p.204) 11 Bigger and Better
Source:
Shared Responsibility, Shared Risk
Author(s):

Alicia H. Munnell

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199781911.003.0011

This chapter outlines ways of building a bigger and better retirement income system in the United States. It first traces the evolution of today's retirement programs, focusing on Social Security and defined contribution plans. It then discusses the challenges involved in making decisions concerning retirement savings, as well as the impact of the financial crisis on retirement plans. The chapter also assesses the impact of recent public policies aimed at reforming the existing retirement income system and considers a new tier of individual retirement saving accounts that would replace approximately 20 percent of a worker's pre-retirement income. Finally, it compares this tier with Social Security and concludes that the latter is a better option in which to invest equities.

Keywords:   retirement income, United States, Social Security, defined contribution plans, retirement savings, financial crisis, retirement plans, public policies, equities

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