Robert Powell recently interviewed Olivia S. Mitchell, Wharton Professor of Insurance/Risk Management & Applied Economics/Policy, and Director of the Pension Research Council, to discuss solutions for America’s retirement system problems.
Dr. Mitchell and a few of the country’s other leading retirement experts outlined several ways to help Americans preserve their living standards through retirement, including:
- Workers must save more;
- People can claim their Social Security benefits later;
- Retirees can buy insurance products to hedge longevity risk;
- Homeowners can access their home equity via reverse mortgages;
- Policymakers can reform Social Security by pegging benefit growth to price rather than wage inflation;
- Plan sponsors can boost access to retirement saving plans;
As Americans live longer into retirement, following these recommendations will help maintain our standards of living and ensure the promise of our golden years.
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