In Book, Katherine Newman Warns Prospects For Retirement Are 'Downhill From Here'

At the end of last week, the 35-day partial government shutdown came to an end. But while it dragged on, it dealt a huge financial blow to many of the federal workers who went unpaid — like David Martinez, a correctional officer at FMC Devens.

"I usually use my tax returns to carry me through the year as of savings," Martinez said. "By the holidays it expires, and then I'm in a little gap, and then I usually file my taxes early enough. So I don't have significant savings, that is easy to say, I do not."

His story highlights an interesting point. Nearly 60 percent of Americans have less than $1,000 in savings, leaving little money for a rainy day — let alone money for retirement.

That's a reality for millions of Americans. Gone are the days of thinking decades of hard work will guarantee a relaxing and financially-secure retirement — and it means working long into old age.

Katherine Newman, author of "Downhill From Here: Retirement Insecurity in the Age of Inequality" and interim chancellor of UMass Boston.

Chancellor Newman will be at Harvard Book Store Friday at 7 p.m. to discuss her book. For details, click here.