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Falling Short: The Coming Retirement Crisis and What to Do About It de Charles D. Ellis

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

Autor Charles D. Ellis, Alicia H. Munnell, Andrew D. Eschtruth
en Limba Engleză Hardback – 15 ian 2015

Remarcăm autoritatea incontestabilă a autorilor, în frunte cu Charles D. Ellis, a cărui experiență de aproape trei decenii la Greenwich Associates și în comitetele de investiții de la Yale și Harvard transformă această lucrare într-o analiză de o rigoare academică rară. Considerăm că Falling Short nu este doar un semnal de alarmă, ci un manual de supraviețuire financiară într-o epocă în care sistemele tradiționale de pensii din Statele Unite dau semne de epuizare. Autorii demonstrează cum presiunea combinată a longevității și a costurilor medicale în creștere a creat un deficit de economisire ce nu mai poate fi ignorat.

Pe linia practică a lucrării Retirement on the Rocks de Christian E Weller, dar cu un focus chirurgical pe soluțiile sistemice și individuale imediate, această carte oferă un plan de acțiune în pași clari. Recomandăm atenția sporită asupra capitolului dedicat reformei planurilor 401(k), unde autorii pledează pentru automatizarea economisirii și utilizarea fondurilor de indici. Această abordare pragmatică continuă viziunea lui Ellis din Inside Vanguard, unde analiza eficiența structurilor de investiții cu costuri reduse, dar o aplică aici la nivelul siguranței personale a fiecărui cetățean. Spre deosebire de The Partnership, care explora cultura Goldman Sachs, Falling Short se concentrează pe individul care trebuie să navigheze între jargonul media derutant și realitatea matematică a propriului cont de economii. Strategia propusă este onestă și dură: pentru a menține standardul de viață, munca până la 70 de ani și utilizarea inteligentă a valorii locuinței devin necesități, nu opțiuni.

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Livrare economică 18-24 iunie

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Specificații

ISBN-13: 9780190218898
ISBN-10: 0190218894
Pagini: 168
Dimensiuni: 211 x 147 x 23 mm
Greutate: 0.3 kg
Editura: Oxford University Press
Colecția OUP USA
Locul publicării:New York, United States

De ce să citești această carte

Recomandăm această carte oricărei persoane preocupate de viitorul său financiar. Veți învăța cum să vă evaluați corect nevoile pentru perioada pensionării și de ce amânarea retragerii din activitate este cea mai eficientă metodă de a vă securiza veniturile. Este un ghid esențial pentru a înțelege mecanismele Social Security și modul în care puteți transforma propria locuință într-o sursă de venit sustenabilă.

Despre autor

Charles D. Ellis este o figură proeminentă în lumea investițiilor, cu o carieră de 28 de ani ca partener administrativ la Greenwich Associates. Expertiza sa este recunoscută la nivel mondial, predând cursuri de management al investițiilor la instituții de elită precum Harvard Business School și Yale School of Management. A servit în comitetele de investiții ale unor instituții prestigioase și a prezidat Association for Investment Management and Research. Prin lucrările sale, Ellis a democratizat accesul la strategii financiare complexe, adaptându-le pentru publicul larg.

Descriere

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 pre-retirement standard of living. It can be difficult for workers to make informed decisions about their retirements now based on the abundance of confusing and sometimes misleading information put forth by the media and other individuals. For this reason, Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth have written this highly-accessible guide for individuals wondering what to expect when they reach retirement age and what they can be doing now to best prepare for their future. Falling Short is grounded in academic research yet written in an accessible style for anyone concerned about their future retirement. The authors provide both a vivid picture of the retirement risks facing all Americans and a short list of practical solutions that build on our existing retirement system. The book 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 authors give specific advice for what Americans must do now to avoid crisis in retirement; namely, people must work longer and save more. Individuals should plan to stay in the labor force until age 70 and keep their skills up-to-date, and the government should emphasize that retiring at 70 provides the largest monthly Social Security check. Social Security's long-term finances must be shored up so that it remains the foundation of the retirement system. All employers with a 401(k) plan should be required to automatically enroll their workers, increase worker contribution rates over time, and use low-cost index funds as a default investment option. A separate solution is needed for the half of the workforce that lacks even 401(k) coverage; all uncovered workers need an easy and automatic retirement saving option. Finally, individuals should not ignore what is often their largest asset---their house---as a potential source of support for retirement; home equity can be tapped through downsizing or a reverse mortgage. Acting on these solutions now will greatly improve the prospects of a secure retirement for today's workers.

Recenzii

Falling Short points the way to solving America's retirement challenge simply by optimizing our existing systems. Make Social Security solvent, make workplace savings plans fully automatic, lift savings rates and extend savings plans to all workers. What are we waiting for? Let's do it.
I loved this book! It is short, punchy, and highly readable. It provides a full analysis of the grim status of our nation's retirement savings plans and offers solutions that are realistic and long overdue. I recommend it to all those concerned about America's retirement problems, including their own.
Illuminating the retirement challenge by combining Munnell and Eschtruth's keen sense of the academic research with the horse sense of famed investment advisor Ellis is a great idea. Read Falling Short; it's brimming with sound advice. Then pass it along to your brothers and sisters. Alan S. Blinder, Professor of Economics at Princeton University and author of After the Music Stopped
Many baby boomers are woefully unprepared for retirement. This book proposes both useful actions that individuals can take and institutional changes to 401(k)s and Social Security. This gem of a book makes an important contribution to alleviate a pressing social problem.
America's retirement savings system has failed. Too many people are retiring with too little to live on. This excellent book nails the changes and incentives needed to restore an aging generation to fiscal health. Every voter and policymaker should read it.

Notă biografică

Charles D. Ellis was for three decades managing partner of Greenwich Associates, the international business strategy consulting firm. A popular teacher, he has taught advanced courses on investing at the business schools of both Harvard and Yale and has served on the governing boards of Yale University, Harvard Business School, Exeter, NYU Stern, and the Robert Wood Johnson Foundation. He currently chairs the Whitehead Institute. Charles is the author 16 books, including the bestselling Winning the Loser's Game and his latest book What it Takes.Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management. She also serves as the director of the Center for Retirement Research at Boston College. Before joining Boston College in 1997, Alicia Munnell was a member of the President's Council of Economic Advisers and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. She has published widely on various economic issues, with a particular focus on retirement security.Andrew Eschtruth is Associate Director for External Relations at the Center for Retirement Research at Boston College. He directs the Center's communication activities, including publications, press relations, and social media. Mr. Eschtruth also manages relationships with the government, foundation, and corporate communities. Previously, he was a senior analyst with the U.S. Government Accountability Office specializing in federal fiscal policy and social insurance programs. He also served on a temporary assignment as an aide to the chairman of the U.S. Senate Finance Committee.