Description - Working Longer by Alicia H. Munnell
One of the most worrisome aspects of the subprime crisis and subsequent financial collapse is the threatened security and adequacy of Americans' retirement. The best laid plans of U.S. workers have been endangered by a number of daunting factors-including a Wall Street slowdown, seized-up credit markets, falling property values, a collapsing auto industry, and a potential worldwide recession. Alicia Munnell and Steven Sass suggest a simple solution to this problem: postponing retirement by two to four years.
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Publisher: Brookings Institution
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Author Biography - Alicia H. Munnell
Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences, Carroll School of Management, and director of the Center for Retirement Research at Boston College. She has served as assistant secretary of the Treasury for economic policy (1993-1995) and as a member of the President's Council of Economic Advisers (1995-97). She was also cofounder and first president of the National Academy of Social Insurance. Munnell has written or edited numerous books, including Coming up Short: The Challenge of 401(k) Plans, with Annika Sunden (Brookings, 2004). Steven A. Sass is associate director of the Center for Retirement Research at Boston College. He was previously an economist at the Federal Reserve Bank of Boston and taught at Rutgers and Brandeis. His books include The Promise of Private Pensions: The First Hundred Years (Harvard, 1997), Social Security and the Stock Market: How the Pursuit of Market Magic Shapes the System, with Alicia H. Munnell (Upjohn Institute, 2006), and The Social Security Fix-It Book, with Alicia H. Munnell and Andrew Eschtruth (Center for Retirement Research, 2007).