Is It Time To Radically Rethink Retirement?

With guest host Jane Clayson.

We're talking to Teresa Ghilarducci, an economics professor, about her bold plan to rescue retirement for people who haven't saved enough.

Ghilarducci's plan involves requiring individuals to set aside a certain amount of money, and requiring employers to match it. It would also involve government help to make up the gap for lower-income people.

It's called a Guaranteed Retirement Account.

Ted Benna, called the "father of the 401(k)," also joined us. Though he came up with the idea that would come to dominate retirement, he says it was never meant to be the primary move of retirement, and that its costs are out of whack.

Teresa Ghilarducci, professor of economics at the New School for Social Research, author of "Rescuing Retirement: A Plan To Guarantee Retirement Security For All Americans." (@tghilarducci)

Ted Benna, considered the "father of the 401(k)."

Excerpted from Rescuing Retirement Copyright (c) 2018 Teresa Ghilarducci and Hamilton E. James. Used by arrangement with the Publisher. All rights reserved.

Retirement is in crisis. Millions of Americans don’t have retirement savings accounts. And, those who do are dealing with stagnating household incomes, rising health care costs and, often crippling student debt, which makes it tough to contribute . One economist thinks she’s found the solution. She calls it a “Guaranteed Retirement Account.” This hour, On Point: a radical rethink to retirement savings. --Jane Clayson