Wealth After Work: Innovative Reforms to Expand Retirement Security

Pensions and retirement saving plans have helped millions of households build financial security, but tens of millions of people have been left behind. Wealth After Work offers practical solutions to address these concerns, such as making dependable retirement income accessible for all Americans, providing unbiased financial advice, and managing wealth in retirement. It proposes solutions that build on the existing system, providing a nuanced, practical guide to reform that would benefit all Americans.

Format: Paperback / softback
Length: 448 pages
Publication date: 27 July 2021
Publisher: Brookings Institution

Pensions and retirement saving plans have played a crucial role in helping millions of households achieve financial security. However, tens of millions of individuals have been left behind, lacking access to these wealth accumulation vehicles. For many others, the retirement plans they have in place do not provide adequate financial security. The problems that contribute to these failures can be addressed, and this book presents concrete, practical ways to make dependable retirement income accessible to all Americans, not just those with substantial means. Individual accounts have become the primary vehicle for retirement saving in the United States, replacing traditional pensions. While these accounts have increased financial security for many people, they have left millions more behind. Many individuals with such plans face the burden of making numerous saving, investment, and withdrawal decisions, which can strain their financial acumen. Finding unbiased, unconflicted, and affordable financial advice is often a challenge. Managing wealth in retirement, particularly the need to convert retirement savings into steady income, poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns, such as the Great Recession and the COVID-19 pandemic, have exacerbated financial insecurity and made addressing these issues more urgent. Wealth After Work, written by renowned experts in the field, offers practical solutions that address these concerns. The proposals suggest ways in which policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on existing systems rather than replacing them, the book aims to provide a comprehensive approach to addressing the challenges faced by individuals in retirement.

Weight: 610g
Dimension: 153 x 230 x 28 (mm)
ISBN-13: 9780815739340