Falling Short: The Coming Retirement Crisis and What to Do About It

Charles D Ellis · Alicia H. Munnell · Andrew D. Eschtruth

Jan 2024 · Gildan Media · Narrated by Michael Butler Murray

About this audiobook

The United States faces a serious retirement challenge. Many of today's workers will lack the resources to retire at traditional ages and maintain their standard of living in retirement. Solving the problem is a major challenge in today's environment in which risk and responsibility have shifted from government and employers to individuals. For this reason, Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth have written this concise guide for anyone concerned about their own-and the nation's-retirement security. Falling Short offers the necessary context for understanding the nature and size of the retirement income shortfall, which is caused by both increasing income needs-due to longer lifespans and rising health costs-and decreasing support from Social Security and employer-sponsored pension plans. The solutions are to work longer and save more by building on the existing retirement system. To work longer, individuals should plan to stay in the labor force until age seventy if possible. To save more, policymakers should shore up Social Security's long-term finances; make all 401(k) plans fully automatic, with workers allowed to opt out; and ensure that everyone has access to a retirement savings plan. Individuals should also recognize that their house is a source of saving, which they can tap in retirement.

About the author

Charles D. Ellis is the founder and former managing partner of Greenwich Associates. He is the author of more than fifteen books, including the bestselling Winning the Loser's Game.

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.

Andrew D. Eschtruth is associate director for external relations at the Center for Retirement Research at Boston College.

Michael Butler Murray is a professional actor, narrator, and musician who has voiced over fifty-five audiobooks. His recorded titles run the spectrum from dramatic to comedic fiction and nonfiction titles varying in topics from the Middle East to understanding your dog's olfactory senses.