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The solution to the retirement income challenge

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Not exactly ground breaking news, but the message is still important. The solution to the retirement income challenge? Work longer. So says Alicia H. Munnell and Steven Sass in their new book “Working Longer: The Solution to the Retirement Income Challenge,” from the Center for Retirement Research at Boston College. Among the book’s key findings:

  • Americans need to work longer to ensure their retirement security due to a contracting retirement income system, longer lifespans and rising health costs.
  • Working longer does not mean working forever — the goal should be to move the average retirement age from 63 to 66.
  • While workers are beginning to get the message, they still have a long way to go. And employers’ willingness to hire older workers poses a major challenge.

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