Downhill from here: retirement insecurity in the age of inequality

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As millions of Baby Boomers reach their golden years, the state of retirement in America is little short of a disaster. Nearly half the households with people aged 55 and older have no retirement savings at all. The real estate crash wiped out much of the home equity that millions were counting on to support their retirement. And the typical Social Security check covers less than 40% of pre-retirement wages--a number projected to drop to under 28% within two decades. Old-age poverty, a problem we thought was solved by the New Deal, is poised for a resurgence. With dramatic statistics and vivid portraits, acclaimed sociologist Katherine Newman shows that the American retirement crisis touches us all, cutting across class lines and generational divides. White-collar managers have seen retirement benefits vanish; Teamsters have had their pensions cut in half; bankrupt cities like Detroit have walked away from their commitments to municipal workers. And for Generation X, the prospects are even worse: a fifth of them expect to never be able to retire. Only the vaunted "one percent" can face retirement without fear. Other countries are confronting similar demographic challenges, yet they have not abandoned their social contract with seniors. Downhill From Here makes it clear that America, too, can--and must--do better.
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9781250119469
9781681683393
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Grouped Work ID4ac2df58-d798-f27c-87b7-892f670c1b42
Grouping Titledownhill from here retirement insecurity in the age of inequality
Grouping Authornewman katherine s
Grouping Categorybook
Last Grouping Update2019-11-29 04:17:26AM
Last Indexed2019-12-15 04:30:34AM

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auth_author2White, Karen.
authorNewman, Katherine S., 1953-
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display_descriptionA sharp examination of the troubled state of retirement in America shares sobering insights into how the real estate crash and limited social security are preventing retirement and inducing widespread poverty in aging Baby Boomers. "As millions of baby boomers reach their golden years, the state of retirement in America is little short of a disaster. A third of Americans have no retirement savings at all. The real estate crash wiped out much of the home equity that millions were counting on to support themselves later in life. And the typical Social Security check covers less than 40 percent of preretirement wages--a number projected to drop to under 28 percent within two decades. Elder poverty, a problem we thought was solved by the New Deal, is poised for a resurgence. With dramatic statistics and vivid portraits, acclaimed sociologist Katherine S. Newman illuminates America's abandonment of a social contract: the promise that decades of hard work would bring about a secure old age. The resulting crisis touches us all, cutting across class lines and generational divides. White-collar managers have seen pensions vanish; truckers have had their benefits cut in half; bankrupt cities like Detroit have walked away from their commitments to municipal workers. And for Generation X, the prospects are even worse, as benefit cutbacks have targeted younger workers in particular. Only the vaunted '1 percent' can face retirement without fear. Other countries are also confronting demographic challenges, yet they have not abandoned their seniors. [This book] makes it clear that America, too, can -- and must -- do better."--Dust jacket.
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ils:.b15148920BookBooksFirst edition.EnglishMetropolitan Books/Henry Holt and Company, [2019]322 pages : illustrations ; 25 cm.
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subject_facetEquality -- United States
Older people -- United States -- Economic conditions
Retirement income -- United States
Social security -- United States
title_displayDownhill from here : retirement insecurity in the age of inequality
title_fullDownhill from here : retirement insecurity in the age of inequality / Katherine S. Newman
Downhill from here : retirement insecurity in the age of inequality [electronic resource] / Katherine S. Newman
title_shortDownhill from here
title_subretirement insecurity in the age of inequality
topic_facetEconomic conditions
Equality
Older people
Retirement income
Social security