Saving Retirement [Teresa Ghilarducci]

The video discusses the stigma and challenges associated with insufficient retirement savings in America. It highlights the retirement crisis, noting that many Americans struggle to save enough for retirement, leading to potential poverty. The current system fails due to lack of retirement plans, inappropriate investment vehicles, and the risk of outliving savings. Proposed reforms include protecting Social Security and introducing Guaranteed Retirement Accounts (GRAs) to ensure financial security and reduce inequality.

What is one reason people feel ashamed about their retirement savings?

• They have no desire to retire.

• They have invested in the wrong stocks.

• They believe others will blame them for not saving enough.

• They have too much saved.

What is one major issue with the 401(k) retirement plan?

• It offers too many investment options.

• It guarantees a fixed return.

• It has high fees and short-term focus.

• It is only available to government employees.

What percentage of middle-class older American workers might face poverty upon retirement?

• 10%

• 25%

• 40%

• 60%

What is a Guaranteed Retirement Account (GRA)?

• A personal account that follows you from job to job.

• A savings account with a fixed interest rate.

• An account only available to government employees.

• A pension plan provided by private companies.

How would implementing GRAs help society?

• By increasing taxes for everyone.

• By reducing the racial and gender wealth gaps.

• By eliminating the need for Social Security.

• By providing free housing for retirees.