Book: How a Few Additional Years in the Labor Force Can Make a Big Difference.a Retirement

The Brookings Institution Press has announced the release of Working Longer: The Solution to the Retirement Income Challenge by Alicia Munnell and Steven Sass, the director and associate director of the Center for Retirement Research at Boston College. According to the publisher, amid all the calls to fix Social Security, shore up employer pensions, and redesign 401(k) plans, the auhtors suggest that the most effective response to the retirement income challenge lies in remaining in the workforce longer: "By staying on the job for another two to four years, retirees in 2030 can be as well off as those in the current generation."

Working Longer investigates the prospects for moving the average retirement age from 63, the current figure, to 66. The authors ask whether future generations of workers will be healthy enough to work beyond the current retirement age, as well as whether older men and women are willing to do so. They examine companies’ incentives to employ older workers and ask what government can do to promote continued participation in the workforce. Finally, they consider the challenge of ensuring a secure retirement for low-wage workers and those who are unable to continue to work.

A summary of the book is available, as well as the authors' list of 10 myths and realities about working longer.

Source: Brookings Institution Press Book Announcement (May 2008)

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