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Neoliberalism and the Future of Retirement Security

Neoliberalism and the Future of Retirement Security <p>The main questions addressed in this article are: (a) what is the economic status of current retirees and the projected status of future retirees; (b) how does the status of current and future retirees vary by race, gender, socioeconomic status, and age; (c) what are the major forces responsible for trends in retirement security over the last 40 years and the future; and (d) what policy changes are most needed to ensure adequate retirement income and healthcare. The article draws on the available literature to show that while most retirees are economically secure, a growing number, especially among minority and women retirees, are increasingly at risk of being worse off in retirement than they were when working. The main reason for the erosion of retirement security is the shift from defined benefit (DB) private pension plans with guaranteed benefits to defined contribution (DC) plans with benefits determined by the investment decisions of workers and the performance of equities markets. DC plans on the whole do not provide benefits comparable to those historically provided by DB plans. The second major reason for declining retirement security is rising health and long-term care costs that are outstripping the incomes of most retirees. These trends are discussed in the context of neoliberal capitalism and the rise of the corporate or what Wolfgang Streeck calls the Consolidation State. The final section describes policy initiatives needed to end the erosion of retirement security which is largely dependent on a qualitative strengthening of Social Security and major improvements in Medicare.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Annual Review of Gerontology & Geriatrics Springer Publishing

Neoliberalism and the Future of Retirement Security

Annual Review of Gerontology & Geriatrics , Volume 40 (1): 19 – Jul 26, 2020

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Publisher
Springer Publishing
Copyright
© 2020 Springer Publishing Company
ISSN
0198-8794
eISSN
1944-4036
DOI
10.1891/0198-8794.40.23
Publisher site
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Abstract

<p>The main questions addressed in this article are: (a) what is the economic status of current retirees and the projected status of future retirees; (b) how does the status of current and future retirees vary by race, gender, socioeconomic status, and age; (c) what are the major forces responsible for trends in retirement security over the last 40 years and the future; and (d) what policy changes are most needed to ensure adequate retirement income and healthcare. The article draws on the available literature to show that while most retirees are economically secure, a growing number, especially among minority and women retirees, are increasingly at risk of being worse off in retirement than they were when working. The main reason for the erosion of retirement security is the shift from defined benefit (DB) private pension plans with guaranteed benefits to defined contribution (DC) plans with benefits determined by the investment decisions of workers and the performance of equities markets. DC plans on the whole do not provide benefits comparable to those historically provided by DB plans. The second major reason for declining retirement security is rising health and long-term care costs that are outstripping the incomes of most retirees. These trends are discussed in the context of neoliberal capitalism and the rise of the corporate or what Wolfgang Streeck calls the Consolidation State. The final section describes policy initiatives needed to end the erosion of retirement security which is largely dependent on a qualitative strengthening of Social Security and major improvements in Medicare.</p>

Journal

Annual Review of Gerontology & GeriatricsSpringer Publishing

Published: Jul 26, 2020

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