The Retirement Challenge av Martin Neil (Senior Fellow Emeritus Senior Fellow Emeritus Brookings Institution) Baily, Benjamin H. (Assistant Secretary

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A comprehensive plan from two leading experts on how to fix America''s outdated retirement systemAmerica''s retirement system has serious problems. While it works well for some retirees, millions of others don''t have the sound retirement they have worked decades to secure. Roughly 40 percent of today''s $4 trillion federal budget is devoted to supporting retirees, which will grow to roughly half over the next decade-imperiling the sustainability of the whole system. The system is out of date. It reflects the America of a bygone age¿an era in which company or union pensions provided middle-class families a decent standard of living in retirement. In America today, however, private pensions have mostly disappeared, Social Security is threatened to go insolvent, people are living longer, and health care costs continue to rise. Poorer retirees now must choose between buying enough to eat and their prescription drugs.In The Retirement Challenge, influential former White House economists Ma