Episode Information

Live Longer, Work Longer
Where We Live - with John Dankosky
Aired:
09/05/2008
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Work longer and retire later?

 

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51:59 minutes (24.96 MB)
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Because of tough economic conditions, Americans' retirement savings don't look quite as good as they did a few years back. Some say the answer is: Work Longer.

Americans are living longer, our health care costs are going up - while the system we've counted on to provide for our retirement is shrinking.

Right now, our average retirement age is 63 - our guest Alicia Munnell says it should be at least 66. Her new book is "Working Longer: The Solution to the Retirement Income Challenge."

Today Where We Live- we'll talk about retirement savings, and what you should be doing now, to prepare for life after work. We'll talk about a new study showing that women lag far behind men in retirement savings, and we'll find out how low-income people are preparing for retirement.

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I had just turned 60 when my employer of 13 years laid me off. Thankfuly, I got a decent severance package and had always contributed to my 401K. I tried to find other work (I'm an engineer, so not unskilled) but wasn't successful. I ended up taking early retirement so I could take advantage of the insurance I could get through my former employer.

In my opinion, your guest is overlooking the situation where the retiree had no choice but to retire.

Sincerely,

Joan