Podcast appearances and mentions of Teresa Ghilarducci

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Play Episode Listen Later May 5, 2024 7:19

This weekend we're sharing a snippet of our recent chat with professor, labor economist and author Teresa Ghilarducci, who joined us to chat about her latest book, Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Want more of Jill and Teresa? Subscribe to Jill on Money LIVE to watch the full chat. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Work, Retire, Repeat Part One

money work retirement retire new economy teresa ghilarducci joel goodman

Play Episode Listen Later May 4, 2024 7:13

This weekend we're sharing a snippet of our recent chat with professor, labor economist and author Teresa Ghilarducci, who joined us to chat about her latest book, Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Want more of Jill and Teresa? Subscribe to Jill on Money LIVE to watch the full chat. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

The Uncertainty of Retirement in the New Economy – Teresa Ghilarducci

The Retirement Wisdom Podcast

Play Episode Listen Later Apr 8, 2024 29:02

Doesn't everyone deserve a dignified retirement? Rather than fixing our retirement system, working longer is often seen as the solution to finance retirement. But for people with physically demanding jobs or people grappling with health issues or disabilities, working longer is not an option. Teresa Ghilarducci joins us to discuss her new book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy and her proposal for a Gray New Deal to fix the retirement system in the US. Teresa Ghilarducci joins us from New York. _________________________ Bio Teresa Ghilarducci is the author of the new book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. A labor economist and nationally-recognized expert in retirement security, she is the Bernard L. and Irene Schwartz professor of economics at The New School for Social Research and the Director of the Schwartz Center for Economic Policy Analysis and The New School's Retirement Equity Lab. As a labor economist, she has spent her career working to ensure retirement security for all American workers. She joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. She frequently testifies before the U.S. Congress and serves as a media source to popular and online news outlets about pensions, labor economics, and older workers. She also frequently publishes in economics journals and edited volumes and has authored several books, including How to Retire with Enough Money: And How to Know What Enough Is and Rescuing Retirement, co-authored with “Tony” James, who was Executive Vice Chairman of The Blackstone Group at the time and co-authored In an unusual partnership, they outlined their bold policy vision to create Guaranteed Retirement Accounts (GRAs) for all American workers. ____________________________ For More on Teresa Ghilarducci Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy How to Retire with Enough Money: And How to Know What Enough Is Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans ____________________________ Podcast Episodes You May Like Are You Ready for The New Long Life? – Andrew Scott When Will You Flip the Switch? – Dr. Barbara O'Neill Why Retirement is About Much More Than Money – Ted Kaufman & Bruce Hiland ____________________________ Wise Quotes On the Pyramid of Retirement Security "Well, me and everyone else in this field knows that the building box of a good retirement looks like not pillars, but is a pyramid. There's a base and then there's a middle part, and then there's a tippy top part. I think of it as the food pyramid with the base as your fruits, your vegetables and your grains. That's a foundation and that's Social Security and that it doesn't provide all of your retirement income needs, for sure. But it's certainly a foundation. It's a foundation of security because retirement is for the lucky ones. A lot of people have missteps along the way that they have to take care of somebody and drop out of the labor force. So your family needs to be secured for that. So a spousal benefit is there, or you may be disabled, of course. And in fact, a huge percentage of people can't do their jobs mentally and physically starting around 50. And so official disability may not be in the offering, but kind of a partial disability is something that we all are at risk of having to manage. And so Social Security has to take into account the insurance system, a couple of missed quarters. We need social insurance against wild recessions where you might miss hours and work. And so you need that foundation." On Defined Contribution Plans vs. Pensions "And I think an unintended consequence of our do it yourself experiment we've had for 40 years in our country, there's no such thing as elders. You're supposed to stay young forever.

Are you really retired if you're still working?

KERA's Think

Play Episode Listen Later Apr 4, 2024 45:49

The dream to retire and live comfortably at age 65 is becoming more of a fantasy to millions of Americans. Teresa Ghilarducci is professor of economics and policy analysis at the New School for Social Research in New York City where she serves as the director of the Schwartz Center for Economic Policy Analysis and the New School's Retirement Equity Lab (ReLab). She joins host Krys Boyd to discuss why our golden years only look rosy for the wealthiest among us, why social security can't keep up — even if we work longer — and why going back to work is the only option for so many. Her book is “Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy.”

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Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books Network

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

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Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in American Studies

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/american-studies

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in Public Policy

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in Economics

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in Politics

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/politics-and-polemics

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in Finance

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

New Books in American Politics

Play Episode Listen Later Mar 30, 2024 29:15

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer. In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years. This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare. Learn more about your ad choices. Visit megaphone.fm/adchoices

americans retirement uncertainty bloomberg state of the union medicare retire social security new economy uchicago u chicago press teresa ghilarducci

Teresa Ghilarducci, "Work, Retire, Repeat - The Uncertainty of Retirement in the New Economy"

After Words

Play Episode Listen Later Mar 23, 2024 60:42

New School economic professor Teresa Ghilarducci offered her thoughts on how to make retirement in the U.S. attainable for more Americans. She was interviewed by Washington Post economics correspondent Abha Bhattarai. Learn more about your ad choices. Visit megaphone.fm/adchoices

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AW: Teresa Ghilarducci, "Work, Retire, Repeat - The Uncertainty of Retirement in the New Economy"

C-SPAN Bookshelf

Play Episode Listen Later Mar 23, 2024 60:42

New School economic professor Teresa Ghilarducci offered her thoughts on how to make retirement in the U.S. attainable for more Americans. She was interviewed by Washington Post economics correspondent Abha Bhattarai. Learn more about your ad choices. Visit megaphone.fm/adchoices

americans washington post retirement uncertainty new school new economy teresa ghilarducci

A Damning Portrait of the Dire Realities of Retirement in the US

Bloomberg Businessweek

Play Episode Listen Later Mar 7, 2024 10:02 Transcription Available

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Teresa Ghilarducci, Professor of Economics at The New School, discusses her book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

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A Damning Portrait of the Dire Realities of Retirement in the US

Bloomberg Businessweek

Play Episode Listen Later Mar 7, 2024 10:02 Transcription Available

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Teresa Ghilarducci, Professor of Economics at The New School, discusses her book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

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Retirement Now

The Brian Lehrer Show

Play Episode Listen Later Aug 23, 2023 38:16

Teresa Ghilarducci, professor of economics and director of the Schwartz Center for Economic Policy Analysis at The New School, joins for a deep dive into retirement: how it's shifted from pension to 401k over the years, been impacted by recent inflation and how to plan for the future.

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Season 2 Episode 8: Non-Accidental Plan Sponsors

The Accidental Plan Sponsor®

Play Episode Listen Later Apr 26, 2023 47:21

As we wrap up season 2 of the podcast, Josh Cohen and guest co-host Michael Kreps come full circle to discuss alternative approaches to the U.S.'s employer-based retirement system. Instead of employers playing the role of the plan sponsor, what if the Federal Government stepped in? Or, what about the private sector? We discussed the proposed Retirement Savings for American Act, Pooled Employers Plans (PEPs) and much more. Josh and Michael are joined by two prominent influencers in the retirement space: Teresa Ghilarducci, professor of economics at The New School for Social Research, and Rick Jones, a Senior Partner in AON's wealth practice. Key Takeaways: [2:07] Josh shares his two a-ha moments: One in 2010 when he visited Australia and learned about superannuation funds and the second a few years later when he heard about USA Funds. [3:03] Guest co-host Michael Kreps joins Josh, remembering the time that they met for the first time for a coffee, not knowing that they will end up hosting a podcast together. [3:41] Michael talks about his proposal to the Senate. [6:11] What if the Federal government plays the plan sponsor role for the private sector workers? Teresa Ghilarducci, professor of Economics at The New School for Social Research, speaks of the personal journey that motivated her efforts in this field. [10:30] Teresa speaks of the Mandatory Universal Pension System (MUPS). [16:46] Teresa's most recent proposal, a thrift savings plan for all workers. [19:20] Teresa endured a harsh pushback after the global financial crisis and received the name of ‘the most dangerous woman in America.' [20:17] Michael shares his thoughts about the Retirement Savings for America Act. [23:01] Michael discusses whether the government should be involved in running plans. [24:21] Rick Jones, a senior partner in the wealth practice at AON discusses pooled employer plans (PEPs). after discussing his career choices that led to his current position. [25:50] Rick discusses the employer's role in the US System and why he is passionate about PEPs. [28:37] The two main problems of the Multiple Employer Plans (MEPs) are the common nexus and the one-bad-apple rule. [30:06] Rick speaks of the Secure Act.: , including who plays the role of the plan sponsor in PEPs and the fiduciary duties required. [35:05] Rick expands on the opportunities provided by pooling. [38:11] Michael adds his perspective on PEPs and its early efficacy indications. [42:14] Michael shares his wrap-up comments about the overarching question: Who plays the role of the plan sponsor? [44:06] Josh closes two full seasons of the podcast, addressing this podcast's central question and its complexity: We need Intentional plan sponsors!

Women taking charge of their financial future

Washington Post Live

Play Episode Listen Later Nov 21, 2022 45:45

Washington Post personal finance columnist Michelle Singletary speaks with Teresa Ghilarducci, professor of economic policy analysis, and C. Nicole Mason, president and CEO of the Institute for Women's Policy Research, about how women can grow their wealth to the fullest potential, navigate the current uncertainties in the economy and overcome structural barriers like the wage gap.

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The Great Retirement Surge Driven by Mass Job Loss During the Pandemic #269

Repurpose Your Career | Career Pivot | Careers for the 2nd Half of Life | Career Change | Baby Boomer

Play Episode Listen Later May 9, 2022 35:31

Description: This week I am speaking with Teresa Ghilarducci and Sia Radpour about how the great retirement surge was not associated with the great resignation but by mass job loss by older workers during the pandemic. Teresa and Sia are both economists with the Schwartz Center for Economic Policy analysis and they recently published a report called No "Great Resignation" for Older Workers—Mass Job Loss Drove the Retirement Surge. This report confirmed many of our suspicions that the great retirement surge was driven by involuntary job loss and was not by choice. Teresa's bio is as follows: Teresa Ghilarducci is a labor economist and nationally recognized expert in retirement security. She holds the Irene and Bernard L. Schwartz Chair in economic policy analysis in the Economics Department at the New School for Social Research and directs the Schwartz Center for Economic Policy Analysis that focuses on economic policy research and outreach. Ghilarducci joined The New School in 2008 after 25 years as a professor of economics at the University of Notre Dame. Her most recent book, Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans, offers solutions to the growing retirement crisis in the U.S. Sia's bio is as follows: Siavash Radpour earned his Ph.D. in economics from the New School for Social Research in 2020. His research focuses on the effects of the retirement system and aging on wealth and income inequality, wellbeing, and economic growth and redistribution. Previously, he worked as a Research Associate for the Retirement Equity Lab. He received his MA in economics and business from the University of Groningen in the Netherlands and Corvinus University of Budapest. My discussion with Teresa and Sia clearly states some of the ugly truths on how older workers have been hurt during the pandemic. They acknowledge the elephant in the room that ageism in the job market is alive and well. This is an employer issue that only employers can fix. This episode is sponsored by Career Pivot. Check out the Career Pivot Community, and be sure to pick up my latest book, Repurpose Your Career: A Practical Guide for the 2nd Half of Life Third Edition. For the full show notes click here.

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Episode 33: Money Smart

Not Your Mother's Library

Play Episode Listen Later Apr 1, 2022 16:40

Let's kick off Financial Literacy Month with programs, reading recommendations, and more! Check out what we talked about: Books mentioned: "Money Changes Everything: How Finance Made Civilization Possible" by William Goetzmann. "Napkin Finance: Build Your Wealth in 20 Seconds Or Less" by Tina Hay. "Bad with Money: The Imperfect Art of Getting Your Financial Sh*t Together" by Gaby Dunn. "Get Good with Money: Ten Simple Steps to Becoming Financially Whole" by Tiffany Aliche. "How to Retire with Enough Money: And How to Know What Enough Is" by Teresa Ghilarducci. "10 Personal Finance Podcasts to Listen to in 2022" U.S. News article: https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/best-personal-finance-podcasts-to-listen-to Connect with Educators Credit Union: www.ecu.com Access Udemy: www.mcfls.org/udemy Read Tiffany Aliche's blog: www.thebudgetnistablog.com To access complete transcripts for all episodes of Not Your Mother's Library, please visit: oakcreeklibrary.org/podcast Check out books, movies, and other materials through the Milwaukee County Federated Library System: countycat.mcfls.org hoopladigital.com wplc.overdrive.com oakcreeklibrary.org

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MarketWatch - How the Pandemic Has Affected Your Retirement

Barron's Live

Play Episode Listen Later Mar 10, 2022 34:39

MarketWatch's retirement reporter, Alessandra Malito, speaks with Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis, about how the pandemic has affected retirement savers.

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Managers Are Less Likely to Hire People Who Ask About Salary. Will NYC's New Wage Law Help?

The Brian Lehrer Show

Play Episode Listen Later Feb 24, 2022 32:20

In a recent study, hiring managers were 20% less likely to hire candidates who voiced an interest in the company's pay and benefits structure. Rellie Derfler-Rozin, associate professor at the Management and Organization Department at the Smith School of Business, University of Maryland, talks about her research on hiring bias. She is joined by Teresa Ghilarducci, professor of economics and director of the Schwartz Center for Economic Policy Analysis at The New School, who explains New York City's new wage transparency law, which will require jobs posted with four or more employees to list salary ranges.

The Case For Abolishing The Debt Ceiling

Brian Lehrer: A Daily Politics Podcast

Play Episode Listen Later Oct 5, 2021 22:46

How worried should we really be about our national debt, and are the benefits of congressional oversight of the "debt ceiling" really worth the costs of government shutdowns? On Today's Show:Teresa Ghilarducci, labor economist focusing on retirement security, director of the Schwartz Center for Economic Policy Analysis at The New School, and a senior contributor for Forbes, explains what government shutdown would mean for ordinary Americans.

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What's the Deal With the Debt Limit?

The Brian Lehrer Show

Play Episode Listen Later Oct 5, 2021 37:47

President Biden criticized Republicans opposing efforts to keep the country from defaulting on its debt. Teresa Ghilarducci, labor economist focusing on retirement security, director of the Schwartz Center for Economic Policy Analysis at The New School, and a senior contributor for Forbes, explains what government shutdown would mean for ordinary Americans.

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Thrift Savings Plan For All Part Two

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Play Episode Listen Later Sep 19, 2021 13:00

This weekend on the show we're joined by labor economist Teresa Ghilarducci and her new co-author, Kevin Hassett (former Trump administration CEA Chair) to discuss their recently released white paper outlining a plan to help millions of Americans build retirement wealth. The duo attempt to generate a practical solution to the savings crisis, with their proposal showing the impact of expanding access to a savings and investment program for lower-income Americans modeled after the highly successful federal Thrift Savings Plan (TSP). You can read the full paper here. Have a money question? Email us, ask jill [at] jill on money dot com. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Thrift Savings Plan For All Part One

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Play Episode Listen Later Sep 18, 2021 13:55

This weekend on the show we're joined by labor economist Teresa Ghilarducci and her new co-author, Kevin Hassett (former Trump administration CEA Chair) to discuss their recently released white paper outlining a plan to help millions of Americans build retirement wealth. The duo attempt to generate a practical solution to the savings crisis, with their proposal showing the impact of expanding access to a savings and investment program for lower-income Americans modeled after the highly successful federal Thrift Savings Plan (TSP). You can read the full paper here. Have a money question? Email us, ask jill [at] jill on money dot com. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Teresa Ghilarducci

401(k) Specialist Pod(k)ast

Play Episode Listen Later Aug 23, 2021 16:27

Teresa Ghilarducci once called the 401k an immature, underdeveloped child that needs help over a mudpuddle to the curve when crossing a street. While we disagree, we love the imagery. A labor economist and nationally recognized expert in retirement security with The New School for Social Research, Ghilarducci is a consistent and prolific advocate for a better system, however defined. She often partners with industry and political heavyweights like Blackstone's Tony James and presidential advisor Kevin Hassett. We asked if she still feels the same way about 401ks, what a well-designed system needs (in her opinion), and why 401k father Ted Benna agrees with her view.

new school blackstone social research kevin hassett teresa ghilarducci tony james ted benna

Andrew Biggs: Create a Thrift Savings Plan for the Masses

The Long View

Play Episode Listen Later May 26, 2021 52:19

We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.BackgroundBioThe American Enterprise InstituteState of Retirement in the U.S. The Model of Income in the Near Term (MINT)National Retirement Risk Index“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021. “At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.Social Security“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov. “Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016. “Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021. “Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.Retirement Savings and DecumulationThrift Savings Plan“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020. “Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020.

Teresa Ghilarducci: To Fix Retirement, Expand Social Security

The Long View

Play Episode Listen Later May 19, 2021 50:29

Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California at Berkeley.Background BioThe New School for Social ResearchSchwartz Center for Economic Policy AnalysisBooks The Retirement Crisis"The Retirement Crisis," by Teresa Ghilarducci, The New School."Whose Retirement Crisis? Household Savings or Public Financing?" by Teresa Ghilarducci, Forbes, Feb. 20, 2018."America's Unusual High Rates of Old-Age Poverty and Old-Age Work," by Teresa Ghilarducci, Forbes, March 2, 2018."Working Longer Cannot Solve the Retirement Crisis," by Teresa Ghildarducci, Michael Papadopoulos, Bridget Fisher, and Anthony Webb, Schwartz Center for Economic Policy Analysis, Feb. 3, 2021.The Defined-Contribution System"How Defined Contribution Plans and 401(k)s Affect Employer Pension Costs," by Teresa Ghilarducci, ResearchGate, July 2006."Americans Haven't Saved Enough for Retirement. What Are We Going to Do About It?" by Teresa Ghilarducci and Tony James, Harvard Business Review, March 28, 2018."America's Retirement Savings Crisis Is Now. Here's How to Fix It," by Teresa Ghilarducci and Tony James, CNN Business, Sept. 15, 2020."Fixing the U.S. Retirement System," Written Testimony by Teresa Ghilarducci; Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy, U.S. Senate, May 21, 2014."Laying the Groundwork for More Efficient Retirement Savings Incentives," by Teresa Ghilarducci and Christian Weller, Center for American Progress, Nov. 18, 2015."Retirement Savings Inequality: Different Effects of Earnings Shocks, Portfolio Selections, and Employer Contributions by Worker Earnings Level," by Teresa Ghilarducci, Joelle Saad-Lessler, and Gayle Reznik, Social Security Office of Retirement and Disability Policy, 2018."The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," by Teresa Ghilarducci, Kyle Moore, and Anthony Webb, The Review of Black Political Economy, April 26, 2019."Everyone Should Have the Retirement Plan Federal Employees Enjoy," by Teresa Ghilarducci and Kevin Hassett, The Washington Post, March 29, 2021."What if Low-Income American Workers Had Access to Wealth-Building Vehicles Like the Federal Employees' Thrift Savings Plan?" by Teresa Ghilarducci and Kevin Hassett, Economic Innovation Group, March 25, 2021.Social Security"A Nobel Laureate's Plan to Use Social Security to Fix the Retirement Crisis--and Why it Won't Work," by Teresa Ghilarducci, The New School's Retirement Equity Lab, April 19, 2019."Teresa Ghilarducci on Social Security Fixes to Protect the Poorest," by Teresa Ghilarducci, Bloomberg Businessweek, March 27, 2020.Income Inequality and Women in Economics"The Unique Disadvantage Older Women Face in the Workforce," by Teresa Ghilarducci, PBS News Hour, March 25, 2016."Women's History Month: Gender Pay Gap Contributes to Elderly Poverty Gap," by Teresa Ghilarducci, The New School's Retirement Equity Lab, May 1, 2017."Labor Market Discrimination: A Bleak Outlook for Older Women," by Teresa Ghilarducci and Kyle Moore, Schwartz Center for Economic Policy Analysis, 2017."How Big Firms Keep Wages Low," by Teresa Ghilarducci, Forbes, Jan. 21, 2019."Barring Women From Economics," by Teresa Ghilarducci, Forbes, March 31, 2019."Economists Weigh In on Covid-19 and Inequality," by Teresa Ghilarducci, Forbes, March 4, 2021.Behavioral Finance"Financial Literacy: Just Another Word for Financial Shaming," by Teresa Ghilarducci, Psychology Today, May 7, 2018."Go Ahead and Spend Your Children's Inheritance," by Teresa Ghilarducci, Advisor Perspectives, Dec. 17, 2020.

Retirement Relief and a Case for Raising the Minimum Wage with Teresa Ghilarducci

Framework with Jamie Hopkins

Play Episode Listen Later Mar 16, 2021 51:09

It's Behavioral Finance Week on Framework, and today Jamie Hopkins talks with Teresa Ghilarducci, an economics professor and author of Rescuing Retirement, about flaws in America’s retirement system, mistakes we make when placing financial blame, the impact of financial shame on financial literacy, and the case for raising the minimum wage. You can find show notes and other information at CarsonGroup.com/Framework.

america raising retirement relief framework minimum wage jamie hopkins teresa ghilarducci

You can’t really retire with a 401(k) alone

Make Me Smart

Play Episode Listen Later Dec 2, 2020 37:52

The vast majority of Americans lacked enough retirement savings even before the COVID-19 pandemic. Now, some older Americans are leaving the workforce and others have stopped contributing to retirement accounts because they can’t afford to. Just half of workers participated in a retirement plan at work in the first place, partly because employers are not required to offer 401(k)s or other retirement plans. So, where did these plans come from? And, are they actually helping people save? On today’s show, New School labor economist Teresa Ghilarducci walks us through the 40-year decline of retirement in this country, the incentive structures setting up Americans for failure and why there’s some reason for hope in the new presidential administration. Here’s everything we talked about today: Ghilarducci’s first appearance on Marketplace in 2012 “A brief history of the 401(k), which changed how Americans retire” from CNBC “The 401(k) is forty and fabulous” from Quartz BLS data showing just half of private sector workers participate in a retirement plan at work “Few people are tapping 401(k)s, even without withdrawal penalties” from Marketplace “Nasdaq pushes diversity requirements for company boards” from the Washington Post “Don’t forget the other virus: How to keep COVID from reversing progress on AIDS” from Fortune Make Me Smart is powered by listeners like you — become a Marketplace Investor today!

covid-19 americans washington post aids marketplace cnbc retire nasdaq new school 401k teresa ghilarducci

You can’t really retire with a 401(k) alone

Marketplace All-in-One

Play Episode Listen Later Dec 2, 2020 37:52

The vast majority of Americans lacked enough retirement savings even before the COVID-19 pandemic. Now, some older Americans are leaving the workforce and others have stopped contributing to retirement accounts because they can’t afford to. Just half of workers participated in a retirement plan at work in the first place, partly because employers are not required to offer 401(k)s or other retirement plans. So, where did these plans come from? And, are they actually helping people save? On today’s show, New School labor economist Teresa Ghilarducci walks us through the 40-year decline of retirement in this country, the incentive structures setting up Americans for failure and why there’s some reason for hope in the new presidential administration. Here’s everything we talked about today: Ghilarducci’s first appearance on Marketplace in 2012 “A brief history of the 401(k), which changed how Americans retire” from CNBC “The 401(k) is forty and fabulous” from Quartz BLS data showing just half of private sector workers participate in a retirement plan at work “Few people are tapping 401(k)s, even without withdrawal penalties” from Marketplace “Nasdaq pushes diversity requirements for company boards” from the Washington Post “Don’t forget the other virus: How to keep COVID from reversing progress on AIDS” from Fortune Make Me Smart is powered by listeners like you — become a Marketplace Investor today!

covid-19 americans washington post aids marketplace cnbc retire nasdaq new school 401k teresa ghilarducci

The 2021 Social Security COLA: How healthcare takes a big bite of your benefit

Play Episode Listen Later Nov 13, 2020 22:31

Healthcare costs are rising at several times the rate of general inflation, and it’s one of the major financial challenges that retirees face as they struggle to maintain their standard of living. Nowhere is this more clear than in the annual interplay between the Social Security cost-of-living adjustment (COLA) and Medicare Part B premiums. Last month, Social Security announced a 1.3% COLA for 2021. That’s a very meager increase, but it looks worse following Medicare’s announcement last week that the monthly standard Part B premium will rise $3.90, to $148.50. If you’re enrolled in both Social Security and Medicare, the Part B premium is deducted from your benefit, so its interplay with the COLA is important. The impact varies depending on your Social Security benefit amount, as the chart below shows. For people with very low benefits, Medicare eats up most or all of the COLA; in cases where the Part B hike would be larger than the COLA, the Social Security benefit is unchanged due to the “hold harmless” provision in federal law, which prohibits any decrease in benefits.This year’s Part B premium was on track to rise much more than $3.90 per month, but a COVID relief measure passed by Congress recently capped the increase at 25% of whatever it would have been if Medicare simply followed the usual formula. Joining me on the podcast this week to walk through the changes for 2021 is Mary Johnson. Mary is the Social Security and Medicare policy analyst for The Senior Citizens League; she’s been tracking the COLA for more than 25 years, and knows this topic inside and out. Mary points out that we’re really in an unprecedented situation with regard to COLAs. Over the past decade, we’ve had zero COLAs three times, and one year where the increase was just three-tenths of a percentage points. Over a 12-year period, the COLA has averaged just 1.4%. “Twelve years is about one-third of the length of time a person spend in retirement,” she says, “So that is having a significant impact on the lifetime retirement benefits you receive from Social Security.”Listen to the podcast by clicking the player icon above. The podcast also can be found on Apple Podcasts, Spotify and Stitcher.Not a subscriber yet? Take advantage of a special offerSign up now for the free or subscriber edition of the newsletter, and I’ll email a copy of my latest retirement guide to you. This one looks at how to think about timing your retirement in the age of pandemic.Just a reminder- subscribers receive the full edition of the newsletter (the free edition is abridged), and they have access to the entire series of guides at any time. Click on the little green button to subscribe, or go here to learn more.Medicare marketplaces really don’t work very wellEvery fall, you get the barrage of messages. It starts with the Annual Notice of Change document that Medicare sends, listing the changes in your current Part D or Advantage plan coverage. Then there’s the “Medicare & You” handbook containing detailed information about plan options. A flurry of email alerts urging you to shop your coverage using the Medicare Plan Finder website also go out each fall. Insurance companies flood the airwaves and mailboxes with advertisements and brochures. Journalists like me nag you about this with our columns and newsletters!None of it is working very well. A new study by the Kaiser Family Foundation finds that 57 percent of Medicare enrollees don’t review or compare their coverage options annually, including 46 percent who “never” or “rarely” revisited their plans. Strikingly, two-thirds of beneficiaries 85 or older don’t review their coverage annually, and up to 33 percent of this age group say they never do. People in poor health, or with low income or education levels, are also much less likely to shop.Why? Tricia Neuman, a co-author of the Kaiser report, sums it up:“A large share of the Medicare population finds this whole task pretty unappealing, and they just don’t do it. That raises questions about how well the system is working.”If you’re enrolled only in Original Medicare with a Medigap supplemental plan, and don’t use a drug plan, there’s no need to re-evaluate your coverage. But Part D drug plans should be reviewed annually. The same applies to Advantage plans, which often wrap in prescription coverage and can make changes to their rosters of in-network health care providers. Plans can change the monthly premium as well as the list of covered drugs - and they can change the rules around your access to drugs, or impose quantity limits or require prior authorizations.The findings call into question just how well privatization of Medicare is working - if you don’t have willing, tuned-in buyers, how well can a marketplace really work?I explore that question in my latest Retiring column for The New York Times, which was published today. Along with the column, here are a few more thoughts on this topic:Medicare has not always been this way: At its creation in 1965, Medicare was envisioned as a pure social insurance program, with everyone paying in the same amounts and receiving the same coverage. But with the expansion of drug coverage in 2003 and the rapid growth of Medicare Advantage, we’re headed toward a system of marketplaces with the original program increasingly looking like a public option. Advantage is projected to account for 64% of enrollment by 2028, according to Avalere Health:A different approach is possible: A standard benefit in Medicare, funded through premiums and payroll taxes, would work just fine - especially if we change the law to permit the federal government to negotiate drug prices, just as the VA and Medicaid can do. That’s prohibited under the law that created Part D. What sense does that make?Human behaviorand choice: The Medicare marketplace is a key example of the choice-driven ideology that has driven so much of our retirement system over the past four decades. We have shifted decision making and risk from the sponsors of benefit plans to participants - the poster child being the move from defined benefit pensions to defined contribution 401(k) plans. We know how well that is working - 401(k) account balances are concentrated among the wealthiest households, participation is flat and the decline of DB pensions has taken a huge bite from overall retirement security (see my write-up of the latest Federal Reserve data on retirement saving accounts in this recent newsletter edition). All of these systems are wrapped up in ideology about competition and consumer choice. When will we wise up? It’s been proven over and over again that the best way to deliver retirement security to the majority of households is through our social insurance programs, so let’s beef them up, make them less complicated and as universal as possible. Still time to shop this yearHere’s my last reminder of the year to revisit your Part D or Advantage coverage this fall. There’s still time - enrollment runs until December 7th. Get assistance from your local State Health Insurance Assistance Program, the federally funded counseling service that provides free one-on-one assistance in every state; (use this link to find yours.)The Medicare Rights Center offers a free consumer help line: (800-333-4114.)You can browse plans on the Medicare Plan Finder, the official government website that posts stand-alone prescription drug and Medicare Advantage plan offerings. The plan finder now allows users to sort plans not only by premiums but for total costs, including premiums, deductibles, co-pays and coinsurance payments.When it comes time to enroll, call Medicare to sign up at 800-MEDICARE (800-633-4227) and to ensure that your enrollment has been processed.Social Security and retirement timing in the age of COVID: My discussion with Jean Chatzky on Facebook LivePersonal finance guru Jean Chatzky invited me to join her this week on Facebook Live to talk about Social Security, retirement timing and the pandemic. Jean conducts a great interview, and we spoke at length about how COVID-19 has impacted retirement planning, and altered Social Security claiming - you can listen to a replay here.Join me for a panel discussion on the future of retirementI’ll be joining a panel discussion next week on the pandemic’s impact on the outlook for retirement within workplace plans a bit later this month, moderated by my Reuters colleague Lauren Young. Also on the panel are Christine Benz of Morningstar, economist Teresa Ghilarducci, Kedra Newsom Reeves of Boston Consulting and Harry Dalessio from Prudential Retirement.The session will be convened on Monday November 16th at 1pm eastern time. Registration is free, and the conversation will be provocative, so please join us (register here). This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

Episode 243: The 2020 Democratic National Convention

Past Present

Play Episode Listen Later Aug 25, 2020 37:28

In this episode, Neil, Niki, and Natalia discuss the 2020 Democratic National Convention. Support Past Present on Patreon: https://www.patreon.com/pastpresentpodcast Here are some links and references mentioned during this week’s show: This week, the Democratic Party is holding its national convention – entirely online. Neil referred to Ed Kilgore’s New York magazine article about the role of television in shaping conventions. In our regular closing feature, What’s Making History: Natalia recommended Teresa Ghilarducci’s Bloomberg Opinion piece, “Remote College is Still More Valuable than a Gap Year.” Neil shared the new podcast series, “Forgotten: Women of Juárez.” Niki discussed Jaya Saxena’s Atlas Obscura article, “Rhode Island Has One Great Culinary Invention, and it’s Coffee Milk.”

new york democratic party ju democratic national convention gap years atlas obscura bloomberg opinion forgotten women teresa ghilarducci jaya saxena ed kilgore

Coronavirus: The Labor Force Part Two

money coronavirus americans economic policy institute labor force teresa ghilarducci joel goodman

Play Episode Listen Later Jul 19, 2020 15:22

The labor force has been decimated over the last several weeks, and perhaps no group has been impacted more than the older works. According to an analysis from the Economic Policy Institute, older workers are less likely than younger ones to have jobs that can be done remotely. Almost 8 in 10 workers over 65 can’t telecommute, compared with about 6 in 10 between 35 to 44, the analysis found. At the same time, older Americans may be at higher risk of complications from the coronavirus due to their higher rate of chronic health issues. To discuss this and much, much more, we're joined by labor economist Teresa Ghilarducci. Any time I get a chance to chat with Teresa, I consider it a must listen. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Coronavirus: The Labor Force Part One

money coronavirus americans economic policy institute labor force teresa ghilarducci joel goodman

Play Episode Listen Later Jul 18, 2020 16:02

The labor force has been decimated over the last several weeks, and perhaps no group has been impacted more than the older works. According to an analysis from the Economic Policy Institute, older workers are less likely than younger ones to have jobs that can be done remotely. Almost 8 in 10 workers over 65 can’t telecommute, compared with about 6 in 10 between 35 to 44, the analysis found. At the same time, older Americans may be at higher risk of complications from the coronavirus due to their higher rate of chronic health issues. To discuss this and much, much more, we're joined by labor economist Teresa Ghilarducci. Any time I get a chance to chat with Teresa, I consider it a must listen. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Imagining the New 9-5 | Teresa Ghilarducci

Opinion Has It

Play Episode Listen Later May 19, 2020 28:35

The labor market and workplace conditions have changed dramatically in recent years – often not for the better. How will the COVID-19 pandemic change how jobs are structured in the 21st century?

imagining teresa ghilarducci

The April jobless report: 20 percent of older workers are unemployed

new york spotify americans stitcher medicare recommended social security new school broker unemployed social research jobless social security administration health savings accounts joe namath older workers teresa ghilarducci schwartz center

Play Episode Listen Later May 8, 2020 9:38

This week on the podcast, we check in with labor economist Teresa Ghilarducci on the unemployment situation for older workers, as reflected in the April jobless report that was released this morning.Teresa is a professor at the New School for Social Research in New York, where she directs the school’s Schwartz Center for Economic Policy Analysis, and its Retirement Equity Lab (ReLab). She specializes in the labor situation for older workers. The federal government’s April jobs report market was as grim as expected. The total jobless rate soared to 14.7 percent, which meant that 20.5 million fewer Americans were employed than during March.The worst numbers were for younger people - 26 percent of workers age 25 to 29 were out of work last month. But I wanted to talk with Teresa about the figures for older workers. The official rate for people over age 55 more than quadrupled to 12 percent, but that understates the real damage. She calculates that the true rate is around 20 percent.We also talked about how the COVID19 crisis is rewriting the labor force dynamic for older workers. Age discrimination already was a big deal before the crisis, and many employers likely will now treat older workers differently post-crisis, since they are more vulnerable to the virus. Here’s what Teresa told me on this point:“Since we won't have a vaccine, probably, for about two years, this means that older workers will very sensibly not want to go back to work unless their employers can make it a safe environment. And employers will not will not be able to make it that safe for older workers even if they wanted to. It'll be much more expensive.”Listen to the podcast by clicking on the player icon at the top of the newsletter. The podcast also can be found on Apple Podcasts, Spotify and Stitcher.New guide: Social Security in the age of pandemicLast week, I released the latest in my retirement guide series. This one explains how to deal with the Social Security Administration during the COVID19 crisis. The downloadable guide looks at how customer service at the Social Security Administration has changed during the coronavirus crisis, and how to get business done there. Social Security closed its network of more than 1,200 field offices to the public in March, 2020. Staff members are seeing people in person at the field offices for a very limited number of transactions. Social Security is handling most routine business via its toll-free line (800-772-1213) and its website. The guide also spells out what Medicare covers that is related to COVID19 - and the changes the program has been making to respond to the emergency.Click here to download your copy of the Social Security COVID19 guide.Just a reminder- subscribers, have access to the entire series of guides at any time. Click on the little green button to subscribe, or go here to learn more.Recommended reading and listening this weekPBS NewsHour interviewed one of the nation’s leading infectious disease specialists on the likely long-range path of the virus . . . I clung to the middle class as I aged - the pandemic pulled me under . . . Covid-19 vulnerabilities were a predictable outgrowth of our market-based health care system . . . The push for profits left nursing homes struggling to provide care . . .The idea that boomers were blase about the coronavirus is nonsense. . Beware buying a Medicare plan from Joe Namath . . .Broker-dealers will have to be careful when calling themselves advisors starting on June 30th . . . Health Savings Accounts add new options during the coronavirus crisis . . . The pandemic has amplified ageism . . . Americans without retirement savings are increasingly moving in with their millennial children . . . What parts of the economy are still humming along in the crisis? This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

Surprising Retirement Planning Essentials From Diet to Advisor Credentials From Two Retirement Pros

Play Episode Listen Later Apr 10, 2020 25:11

Retirees and near-retirees have suffered a punch to the gut and their portfolios with the coronavirus induced shutdown of the economy and the massive and precipitous market decline. After a decade which resulted in longevity records being set by both the economic recovery and bull market this black swan event was a stunner which requires a reassessment and regrouping of life plans, particularly for seniors. The most important actions we can take are to have a plan to protect what we have, live within our means and limit the drawdowns from already battered portfolios. How do we find the right financial advisor to help us do that? That is one of the questions we will answer in this week’s WEALTHTRACK. One lesson we learned from the last financial crisis and recession was panic selling resulted in permanent losses. Investors who kept their targeted stock allocation benefitted from the eventual market recovery. Another lesson learned was the value of Social Security. No matter what happens in the market it is the one guaranteed, an inflation-adjusted annuity that most working Americans are entitled to. The longer Americans can delay collecting that benefit, until age 70 if possible, the bigger the lifetime payout is. That is a point upon which our two guests heartily agree. Teresa Ghilarducci is a Professor of Economics at the New School for Social Research where she is Director of the Schwartz Center for Economic Policy Analysis (SCEPA), and the Retirement Equity Lab (ReLab), which researches the causes and consequences of the retirement crisis. Ghilarducci is co-author with former WEALTHTRACK guest, Tony James of Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans. Jamie Hopkins is Director of Retirement Research at Carson Wealth, and Finance Professor of Practice at Creighton University College of Business. Hopkins, a frequent WEALTHTRACK guest is an expert on retirement income and author of Rewirement: Rewiring the Way You Think About Retirement. WEALTHTRACK #1642 broadcast on April 10, 2020 More info: https://wealthtrack.com/surprising-retirement-planning-essentials-from-diet-to-advisor-credentials-from-two-retirement-pros/ Books: Rewirement: Rewiring the Way You Think About Retirement: https://amzn.to/3ec2lDc Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans: https://amzn.to/2XoWnck --- Support this podcast: https://anchor.fm/wealthtrack/support

The COVID-19 crisis and older workers: A conversation with Teresa Ghilarducci

women conferences financial health teresa ghilarducci

Play Episode Listen Later Apr 10, 2020 34:47

On this week’s podcast, we consider the impact on older workers of the extraordinary coronavirus-induced shutdown of the U.S. economy. Of course, workers of all ages are impacted by the stunning loss of jobs, but some special problems apply to people over age 50. My guest this week is labor economist Teresa Ghilarducci. Teresa is a professor at the New School for Social Research in New York, where she directs the school’s Schwartz Center for Economic Policy Analysis, and its Retirement Equity Lab (ReLab). She also blogs for Forbes.com, where she recently posted a piece with this provocative headline -Useless Retirement Advice And Bad Government Policy In The Time Of COVID-19.I talked with Teresa about what the numbers on older workers in this pandemic economy are looking like so far. We also discussed the impact of the economic and market crashes on retirement savings, home equity and health care spending - and the special risks older workers who are still on the job are facing during the pandemic.Listen to the podcast by clicking the player icon above. The podcast also can be found on Apple Podcasts, Spotify and Stitcher.Social Security is posting COVID-10 updatesThe Social Security Administratino has a COVID-19 alert page that it is updating regularly. You can sign up for updates by email. This week, the SSA posted a couple updates on Medicare enrollment and other adjustments the agency is making during the crisis.Biden proposes reducing Medicare’s eligibility age to 60Joe Biden proposed lowering the Medicare eligibility age to 60 this week as he moves to unify the Sanders wing of the Democratic party with more moderate elements. If you have employer coverage and want to keep it, you can do so - or move to Medicare. In other words, the same option we have now for the 65+ population. This is an interesting, positive move on Biden’s part but it doesn’t go far enough, as I explain below. So, I’d say it likely is just an opening bid.As the COVID-19 health insurance situation evolves, one lesson people are learning rapidly is that we need much more aggressive expansion of health care and insurance in the United States. That has been clear for years, but the crisis is putting a harsh spotlight on the gaps and failings of our current system.Last month, the National Academy of Social Insurance (NASI) released a study of various ways to extending Medicare eligibility beyond the current 65+ population. The report was created by a Study Panel on Medicare Eligibility made up of 27 experts from a broad range of perspectives, such as economics, health policy, political science, sociology, medicine, and law, as well as people with direct experience working in areas related to public and private health insurance, including actuaries, health plan administrators, health care providers, labor representatives, and government regulators. The report examines three approaches to changing Medicare eligibility: lowering the eligibility age, establishing Medicare-for-all, and creating a Medicare buy-in. Here’s the upshot: Medicare for All is the most comprehensive solution, but the heaviest political lift to achieve in a single sweeping reform. The Medicare buy-in concept sounded great rolling off the tongues of moderate presidential candidates like Pete Buttigieg (“Medicare for all who want it” - what’s not to like about that?). But it actually is the most complicated and problematic option.Lowering the Medicare age might just be the sweet spot. It can be done incrementally and it’s fairly straightforward. The only real problem is protecting the Part A trust fund, which Biden proposes to do by financing costs from younger enrollees from general revenue, rather than the payroll tax. But in order to get the biggest gain in health care coverage, the age would need to move much lower than 60. Here’s what NASI found:Notice how many more people join Medicare if you drop the age to 50? Doing this gets millions of people who now must turn to employer coverage or the Obamacare exchanges for insurance. The latter can be problematic for people with serious health needs - premiums can be very high if you don’t qualify for the tax subsidies, and deductibles often are high, too.So - dropping the age to 60 is a decent start. Perhaps an incremental approach would work here - 60 in year one, 50 in year two, 30 in year three - and then it’s everyone in the pool.Here’s more detail on the NASI lower-the-age plan. And the full report is here.Here’s Biden’s statement.Subscribe to the newsletterIf you haven’t subscribed to the newsletter, give it a try if your finances permit in this tough economy. You’ll be supporting independent journalism dedicated to covering what matters for older Americans. Subscriptions cost $5 per month or $60 year, and you can cancel at any time.If not, no worries - I’m committed to providing everything I’ve got on the coronavirus crisis in the free edition for as long as it takes. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

Creating Financial Health Now with Teresa Ghilarducci

Women Amplified

Play Episode Listen Later Apr 8, 2020 28:46

Life looks different right now and concerns over money and future financial stability are high. But that doesn’t make you powerless. This episode features economist and author Teresa Ghilarducci, who offers invaluable and actionable ways you can take control of your finances in the short-term and create long-term financial health. Learn sustainable daily habits to […] The post Creating Financial Health Now with Teresa Ghilarducci appeared first on The Conferences for Women.

America’s Do-It-Yourself System Is Failing Many Retirees. Answers From Two Retirement Experts

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Play Episode Listen Later Dec 14, 2019 25:54

There is a retirement crisis in this country. It is becoming more apparent as 10,000 baby boomers turn 65 every day. A recent Wells Fargo survey found that more than eight in ten current retirees fund their retirement primarily with Social Security, or a pension; just 5% do so from personal savings such as an IRA or 401(k). Seven in ten retirees say they would have “no idea what they would do” without Social Security. Contrast them with younger generations who expect savings to be the top source of their funding; 45% of millennials say they must rely on IRAs or 401(k)s and only 25% expect to rely on Social Security or a pension. No matter what income group you look at savings makes a huge difference. The top 10% of savers in all income groups, from the highest to the lowest consistently held 10-20 times the retirement wealth of the bottom 10% of savers. What has caused the retirement crisis and are there policy and personal solutions to fix it? Two retirement experts will join us with some answers. Teresa Ghilarducci is a Professor of Economics at the New School for Social Research where she is Director of the Schwartz Center for Economic Policy Analysis (SCEPA) and the Retirement Equity Lab (ReLab), which researches the causes and consequences of the retirement crisis. Ghilarducci is a co-author with former WEALTHTRACK guest, Tony James of Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans. Jamie Hopkins is Director of Retirement Research at Carson Wealth, and Finance Professor of Practice at Creighton University College of Business. Hopkins a frequent WEALTHTRACK guest is an expert on retirement income and author of Rewirement: Rewiring the Way You Think About Retirement. WEALTHTRACK #1624 broadcast on December 13, 2019. More info at: https://wealthtrack.com/americas-do-it-yourself-system-is-failing-many-retirees-answers-from-two-retirement-experts/ --- Support this podcast: https://anchor.fm/wealthtrack/support

Retirement Advisor: Retirement In A Material World

SA For FAs

Play Episode Listen Later Aug 28, 2019 4:36 Transcription Available

In her podcast and Forbes column, Teresa Ghilarducci discusses what she calls “retirement shame,” the blame people cast upon themselves for failing to have saved enough for retirement, offering two vivid real-life examples. This podcast (5:06) suggests that contemporary society, specifically its urbanized and materialistic setting, makes it harder to prosper economically. Clarity on this issue can help advisors re-instill the value of saving.

#105 - Where Do We Go from Here?

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Play Episode Listen Later Aug 19, 2019 25:23

Over the last four episodes, we’ve explored how individuals fare in today’s retirement system. In the final episode of our first season, we ask: where do we go from here? We speak with baby boomer and literature professor Ira and millennial and PhD student Owen to explore how both younger and older generations are affected by our retirement system. Next, we hear from our expert round table, including host Teresa Ghilarducci and guests Beth Finkel, the state director of AARP New York, and New School economist Tony Webb, for a discussion of the future of retirement policy. From age discrimination to a lack of retirement plan coverage, Teresa, Beth, and Tony talk about the policies we need to make a better system for everyone a reality. Finally, we highlight research showing millennials are ready to take action and a group working to inject retirement security into the 2020 presidential campaign.

#104 - How Long Can We Work?

american president teresa ghilarducci

Play Episode Listen Later Aug 5, 2019 24:23

One of the warning signs of the oncoming retirement crisis is that people are often told they can make up for a lack of retirement savings by working longer. But even if people have the health and strength to keep working past traditional retirement ages, there’s no guarantee they will be able to find a job. Instead, our retirement system abandons older people in an unfriendly labor market at the moment they are most vulnerable to age discrimination. In the fourth episode of Reset Retirement, we take a deeper dive into how the common advice to work longer plays out in real life. First, we hear from Mikhail, a lawyer, and Stephanie, a former advertising professional. They both describe running into unexpected career disruptions in their late 40s and early 50s, revealing to them how age discrimination is a barrier to both keeping career jobs as you age as well as finding another one after a layoff. Next, we hear from our expert round table, including host Teresa Ghilarducci and our guests, Vincent Alvarez, President of the New York City Central Labor Council, and economist Tony Webb. Together, they lay bare the harsh realities of aging in the American workforce, how age discrimination interacts with low retirement savings, and the importance of the right to retire. Finally, we highlight those leading the charge against age discrimination in the courts.

#101 - Are You Alone in Your Retirement Fears?

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Play Episode Listen Later Jul 29, 2019 20:43

Have you ever worried about being poor in retirement? If you have, you’re not alone. Our first episode dives into one of the most widespread fears about retirement: running out of money and falling into poverty. We meet Henry and Bridget, two employees at The New School university. They share these same fears, yet have different savings options based on the nature of their jobs. Henry is part of a union, which gives him access to a traditional pension. Bridget, on the other hand, isn’t a union member and instead receives a defined contribution plan, a 401(k), from her employer. Next, experts look at how Henry and Bridget’s stories relate to what’s happening across the nation. Featuring host Teresa Ghilarducci and guest economists from the Retirement Equity Lab at The New School, the round table diagnoses systemic challenges and dwindling access to savings plans in the workplace, and presents the concept of Guaranteed Retirement Accounts, a bold new idea for a better future. Finally, we close by highlighting a successful state retirement program that proves both the need and the possibility for needed reform.

#103 - Do We Get Shamed by the Retirement System?

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Play Episode Listen Later Jul 29, 2019 23:06

In the United States, 8.5 million older people will fall from being middle-class into poverty when they retire if we don’t do anything. With so many at risk, why do people feel alone? They feel like they’re the only ones who struggle to save when life happens. But this isn’t about an individual’s fault. We all live in the same retirement system that works for spreadsheets, not real people—and when we believe it’s our fault, we are shamed by a failing system. On today’s episode, we explore what this conflict looks like in real life. First, we meet Archer, an English professor who reflects on his early saving experiences and expresses feelings of regret. Then, we talk to Barbara, a single mother working at a non-profit, to discuss how job loss and divorce led her to deal with feelings of shame and eventually to financial empowerment. After their stories, we hear from our expert round table, including host Teresa Ghilarducci and our guests, economist Tony Webb and author Helaine Olen, for a discussion on the role of shame in our retirement system. Finally, we highlight workers who have taken action to recover savings lost to high and often hidden fees in typical 401k plans.

#102 - Can I Live on Social Security Alone?

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Play Episode Listen Later Jul 29, 2019 23:07

We are often told that our retirement system is a three-legged stool made up of Social Security, savings from employer-sponsored retirement plans, and private savings. But this model no longer matches today’s reality where 60 percent of workers don’t have a retirement plan at work. Coupled with life events like job loss, divorce and sickness that can easily wipe out private savings or 401k accounts, that leaves just one leg of the stool: Social Security. But can you really live on Social Security alone? On today’s episode, we are first joined by David, a veteran journalist and playwright, to discuss the realities of living on Social Security after a lifetime of working in a gig economy. Next, our expert roundtable, featuring host Teresa Ghilarducci and guest economists Anthony Webb and Rick McGahey, convenes to clear up misconceptions about our Social Security system: who it serves, how it’s funded, and where it can be strengthened. Finally, we close by shining a spotlight on upcoming Congressional hearings that will look at how to expand the Social Security system, the first in 50 years.

Mandatory workplace saving: Teresa Ghilarducci makes the case

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Play Episode Listen Later Jul 25, 2019 44:36

This week, my guest on the podcast thinks the 401(k) is a failure. Teresa Ghilarducci is a labor economist at the New School in New York City who specializes in topics related to older workers and retirement security. She has been arguing for years that our current self-directed system of saving for retirement in 401ks and IRAs is not up to the job of helping people build for a secure retirement. She thinks it works just fine for the top five percent of households by income, but not for the rest of us - and all the advice that people like me dispense is somewhat useless and frustrating for most people. Teresa has a different idea that she has been promoting in the halls of Congress, called the Guaranteed Retirement Account (GRA). The idea is a mandatory, government-run saving program; any employer that doesn’t offer their own plan would be required to contribute and sign up workers. Here’s a link to an article I wrote in 2015 for The New York Times on Teresa’s GRA idea, along with a discussion of her unusual partnership on this project with a top Wall Street executive. And here’s a primer on the GRA on the New School website.Teresa also is launching her own podcast later this month called Reset Retirement. The program will feature interviews with working Americans who have encountered problems navigating the retirement system, and comments from experts on how those problems can be handled. You can subscribe via Apple Podcasts or Spotify.A tidbit: Teresa says she drew inspiration for the podcast from my recent book, Jolt: Stories of Trauma and Transformation. How, exactly? You’ll have to listen to this week’s podcast to find out. Do that by clicking on the player icon at the top of this page.Subscribe now!This podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to aging in place, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

How Secure is Social Security? A Debate

The Soho Forum Debates

Play Episode Listen Later Jul 12, 2019 85:15

Gene Epstein and Teresa Ghilarducci debate whether the social security trust fund exists or is merely an accounting fiction.

How Can the US Hyper-inflate With So Much Debt?

Turning Hard Times into Good Times

Play Episode Listen Later Jun 11, 2019 56:41

Economist John Williams, Gene Epstein and Michael Oliver return. John has believes the U.S. is destined for a Weimar Republic like hyper inflation. But recent history suggests that with so much debt sloshing around the globe, consumer price deflation not inflation, will prevail. With America once again facing prospects of a financial crisis, we will ask John what underlying forces will be in play to trigger hyper inflation. Might it have something to do with the dollar, which as Michael told us last week, is destined for a dramatic decline? Gene will join us after a long absence to discuss his upcoming debate with Dr. Teresa Ghilarducci at the SoHo Forum in which he will argue that given Social Security's nearly $3 trillion trust fund, the system cannot add to the federal deficit. Michael will pass along his usual prescient observations about the stock, bonds and precious metals markets.

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Can't Stop, Won't Stop (Working)

Stephanomics

Play Episode Listen Later May 2, 2019 28:51

Many older Americans are living longer and are happy to keep working. Others can't afford to retire. Those are just a couple of the reasons why people over age 65 are swelling the ranks of U.S. employees in recent decades. On this week's episode of Stephanomics, Matthew Boesler takes a closer look at this phenomenon and how it's reshaping the world's largest economy. Stephanie Flanders delves deeper into this issue in an interview with Teresa Ghilarducci, an economist at the New School for Social Research, from the Milken Institute Global Conference in Beverly Hills, California. Then Stephanie visits Bloomberg's Los Angeles bureau to chat with reporter Anousha Sakoui about the new economics of global cinema following the record-setting haul of the latest Avengers film.

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#100 - Welcome to Reset Retirement

americans retirement reset teresa ghilarducci

Play Episode Listen Later Mar 28, 2019 1:49

Our modern retirement system is so important but so few of us understand how broken it actually is. On Reset Retirement, host Teresa Ghilarducci and her colleagues from The New School's Retirement Equity Lab peel back the layers of complexity and misperception to learn what retirement actually looks like for most Americans.

The Do-It-Yourself Retirement System Isn’t Working. Retirement Pro Teresa Ghilarducci Has Solutions

Play Episode Listen Later Mar 8, 2019 30:57

The retirement crisis is real. 40% of older, middle-class workers and their spouses will fall into poverty or near poverty in retirement. Economist and retirement expert Teresa Ghilarducci says the U.S.’ 40-year experiment with do-it-yourself retirement is seriously flawed, but there are ways to fix it. More info at WEALTHTRACK WEALTHTRACK WOMEN is featuring women who are making a difference in business and finance during Women’s History Month. Join us for career advice from three successful women entrepreneurs including S’well’s Sarah Kauss. Pension expert Teresa Ghilarducci provides timely retirement solutions. Award-winning wealth advisor Karen Altfest explains her women-centric approach. More WEALTHTRACK WOMEN here. While your local public television station holds its fundraising drives on weekends, WEALTHTRACK is focusing on new topics for our podcasts to help you improve your portfolios and finances. --- Support this podcast: https://anchor.fm/wealthtrack/support

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Three Inspiring Women Entrepreneurs Share Their Unusual Routes to Success

Wealth & Poverty from Marketplace APM

Play Episode Listen Later Mar 1, 2019 51:31

WEALTHTRACK WOMEN is featuring women who are making a difference in business and finance during Women’s History Month. Join us for career advice from three successful women entrepreneurs including S’well’s Sarah Kauss. Pension expert Teresa Ghilarducci provides timely retirement solutions. Award-winning wealth advisor Karen Altfest explains her women-centric approach. More WEALTHTRACK WOMEN here: www.wealthtrack.com/women While your local public television station holds its fundraising drives on weekends, WEALTHTRACK is focusing on new topics for our podcasts to help you improve your portfolios and finances. THIS WEEK: Running your own business is the definition of a dream job for increasing numbers of Americans, particularly women. I had the opportunity to interview a panel of women business founders recently at the Women of Leadership Summit hosted by the New York affiliate of ACG, the Association for Corporate Growth. Info at: www.wealthtrack.com --- Support this podcast: https://anchor.fm/wealthtrack/support

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Seniors are still struggling to recover after the financial crisis

Play Episode Listen Later Dec 19, 2018 4:42

A high-rise for seniors isn't where Kathy Stevens, 67, expected to live at this point in her life. Her place has a small kitchen and living area and an accordion door she can pull to close off the space where her bed stands. She pays $840 a month in rent, which includes utilities and a daily dinner. She says the apartment is fine. But after getting an MBA from Harvard University, a long career in financial services and saving about a million dollars in a retirement account, she expected to have a more comfortable retirement. “I did all the right things. I saved my money. I didn't waste it on you know a big big house or big car or whatever,” she said.Along the way she raised two foster sons and supported them into adulthood, using some of her retirement savings to help them go into business. She was also planning to send her grandchildren to college. Then, in 2008, the financial crisis hit.“And now all of a sudden you know like 35 percent of my money is just gone — like vanished. It was really bad. It was shock. There’s no other word for it. It was a shock," she said. After 10 years of scaling back, she now lives on about $2,500 a month. The economic collapse was a shock to nearly everyone. Millions of people lost their jobs and their homes. It would take years for many of them to recover, if they recovered at all. But for those closest to retirement, or who were pushed out of the workforce early, “It meant that you never had the time to make that up,” said Teresa Ghilarducci, an economist at the New School for Social Research. She said the reality for nearly half a generation of newly minted seniors — and those on their way, “is that you are downwardly mobile.”Or worse. The number of seniors filing for bankruptcy has nearly doubled since 2007 to a record high of 12 percent, part of it driven by the financial crisis; another part by mounting debt for things like medical care, mortgage loans and credit card bills.While bankruptcy can be a fresh debt-free start, “the pickle is for older people that's highly unlikely,” said Deborah Thorne with the Consumer Bankruptcy Project. She said that on top of the financial crisis, seniors were also confronting another fundamental shift in the economy as managed pensions gave way to 401(k)s, where individuals manage their own retirement savings.“This is the generation where we're really seeing the fallout from the transition to individuals being responsible for that,” she said, because it’s a skill to know how much to save and “when they're supposed to withdraw and what amount. And I think that most people don't know how to go about that.” Take Larry Testerman, a 73-year-old air force vet. He had a successful career in marketing and put two sons through college. But in the early 2000s, he was laid off from an $85,000 a year job and got divorced. He was also caring for his ailing mother.“I probably was not able to look after my investments in my retirement accounts as I should have should have been and perhaps should have just sold them all out promptly when things started declining,” he said.He lost half his retirement savings and went back to work, stocking shelves at grocery stores. But he still couldn’t make his mortgage payments. His Arizona condo wasn’t worth its pre-crisis price and it went into foreclosure. Now, he drives a shuttle bus at a ski resort in Utah for $10.60 an hour and spends part of the year in employee housing.“The space that I'm living in is a room that has a bathroom and a set of bunk beds in it with me sleeping on the bottom and other person sleeping on top,” he said.Lots of Testerman’s co-workers are around his age. These days nearly 20 percent of seniors work part-time, low wage jobs — a number expected to rise.“In 10 years I'm going to be 83 years old and I don’t know if I’m going to be able to be able to be hired by a ski resort to come up here even if I’m able,” he said. “I don't kno...

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Is This Risk on Your Radar? – Julie Belshe

The Retirement Wisdom Podcast

Play Episode Listen Later Oct 1, 2018 36:54

In this special edition of The Retirement Conversation, we talk with Julie Belshe, about the shocking story of what happened to her parents, who were kidnapped by a Private Guardian. Julie shares her experiences in fighting to get them back, what she’s doing today as an advocate for reform and what we all need to know about Guardianship Fraud. For more on Julie Belshe: The New Yorker – How the Elderly Lose Their Rights Trailer for new DocumentaryThe Guardians The Kasem Cares Foundation Stick around for the brief Noteworthy segment on an article we think is worth your time This week’s selection is Elder Financial Abuse Will Get Worse As Americans Age by Teresa Ghilarducci in Forbes Balance Your Retirement Planning with a Side of Wisdom Sign up for our monthly newsletter with ideas you can use.

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Ten Years After the Crisis: An Economic Parley

Opinion Has It

Play Episode Listen Later Sep 25, 2018 51:08

Ten years ago, asset prices were in free fall, credit markets had seized up, and millions of people were losing their homes, jobs, and livelihoods. In this extended episode, we talk to economists Jeffrey Sachs, Teresa Ghilarducci, Angus Deaton, Robert Shiller, and Stephen Roach about what we’ve learned – or should have learned – from the Great Recession.

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Rescuing Retirement with Teresa Ghilarducci and Tony James