Slate Money Money Talks: What Retirement Crisis?
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Feb 3, 2026 Andrew Biggs, economist and former Social Security deputy commissioner, challenges the idea of a U.S. retirement collapse. He disputes the pessimistic narrative, compares pensions and 401(k)s, and contrasts past and present retiree incomes. He probes longevity, health and housing costs, Social Security’s financing gap, reform politics, and practical steps like modest saving increases or working longer.
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Longevity's Uneven Impact
- Longevity rises matter unevenly; lower-income retirees haven't gained much extra life expectancy, so their retirement needs haven't grown as much.
- Overall, private retirement contributions rose faster than longevity, reducing household-level longevity risk.
Government Funding, Not Household Savings, Is The Crisis
- Social Security faces a true funding shortfall: the trust funds project a 23% cut in benefits if unaddressed around 2032.
- The real retirement crisis is government underfunding, not household undersaving.
Fixing Social Security Needs Political Will
- Political failure, not math, likely blocks easy Social Security solutions; reforms require sustained leadership.
- Countries like Canada and Australia solved similar problems more decisively due to different political systems.
