Media Mentions

Forbes | Larry Fink And Bernie Sanders Agree: We Have A Retirement Crisis

April 1, 2024

As I told https://www.msn.com/en-us/money/retirement/americas-retirement-age-of-65-is-crazy-blackrock-ceo-says/ar-BB1kAjXC" aria-label="CBS News">CBS News, Fink’s conclusion that people should work longer ignores some big realities. “Many Americans haven't been able to save for their old age, with about 3 in 10 workers age 59 or older having https://www.cbsnews.com/news/retirement-baby-boomers-with-no-retirement-savings/?ftag=MSFd61514f" aria-label="no money put away for retirement">no money put away for retirement.” In my book, “https://press.uchicago.edu/ucp/books/book/chicago/W/bo212888995.html" aria-label="Work, Retire, Repeat">Work, Retire, Repeat,” I document how decades of this “work longer” mantra have been largely a dead-end path that has undermined retirement security.

The problem is, economic pressures compel many older Americans to work longer than they want to, and raising the retirement age won’t help. Yes, people are living longer and, if they’re lucky, spending more years in retirement — squeezing Social Security ever tighter. But even for those who want to keep working, the labor market is not kind for older workers. There are major impediments to working longer: widespread age discrimination; lower-wage and https://www.economicpolicyresearch.org/jobs-report/physically-demanding-jobs-and-involuntary-retirement-worsen-retirement-insecurity" aria-label="physically demanding jobs">physically demanding jobs that keep many older workers on a dangerous treadmill; many older workers are pushed out of their jobs before they’re ready to retire; and many of the fastest-growing jobs for older workers are lower-paying and physically taxing.

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