Today, Explained The Future of Work: Retirement should be fun
Nov 19, 2021
Vicki Bogan, an expert in behavioral economics at Cornell University, and Stephanie Murray, a public policy researcher known for her work on Social Security, dive into the complexities of retirement. They discuss how millennials juggle student debt while planning for an uncertain future. The conversation highlights historical shifts in retirement security, the gender pay gap, and the impact of career breaks. They argue for a new perspective on retirement, envisioning it not just as a financial necessity but as a fulfilling stage of life.
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Stephanie Murray's Mother's Story
- Stephanie Murray's mother left her father without a job, money, or retirement savings.
- Her mother worked insecure, low-paying jobs and relied on her children for support.
Social Security's Origins
- Social Security, introduced in the 1930s, aimed to address emerging elder poverty during industrialization and the Great Depression.
- It acknowledged the breakdown of traditional family support systems.
Social Security Benefit Calculation
- Social Security benefits are calculated based on average monthly income during the 35 highest-earning years.
- The system is stingy, with a maximum benefit in 2021 of about $3,900 for those retiring at 70 and an average around $1,500.