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Retirement Savings Policy by Michael P. Barry

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Chapter 26 Intermezzo—Plan B

Under the current 401(k) system, because of its prioritization of individual choice, there is a meaningful risk of “retirement failure”—this has been a consistent theme of our discussion to this point.

What exactly happens to individuals who do not save enough? Let’s consider two alternatives that may be available: continuing to work or moving in with your kids.

Continued Work—the Good News

For some time, age 65 has more or less been the “normal” retirement age for American workers. Some individuals prefer to work past age 65. Some, not having saved enough, continue to work because they have to.

Channeling Voltaire, work keeps at bay three great evils: boredom, vice, and need. It also powerfully improves retirement ...

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