- “I think that we need a new tier of retirement saving that is between Social Security and 401 (k)s…I think we need a new tier, both for those who have a 401 (k) and for the significant portion of the population who has nothing else but Social Security,” Alice Munnell said.
- “We need to look at how can we help people who are either not able to keep working as long as they need or people who are not in the labor force for long enough periods of time to have paid into the Social Security system to get back the most they could. And the system for the individual retirement accounts, the IRAs, that doesn’t seem to be meeting that need fully,” Wilhelmina Leigh said.
- “We, at this point, have saved, my wife and I, 33 times what we think we will want to spend our first year in retirement. So, by my own calculation, I could afford to retire. I have not. I have no plans to do so. Why? Because, in these uncertain economic times, there is absolutely nothing to substitute for a paycheck. So my primary recommendation would be for you to keep working as long as you can keep working…” Dallas Salisbury said.
- “I think the issue of financial literacy should start at kindergarten. You can have one cookie today, or you can have two cookies next week if you wait,” Mary Beth Franklin said.
- “Not only do we have stock gyrating wildly, we have all the safe securities, the Treasury instruments yielding almost nothing. So you’re faced with this very stark choice between earning almost zero on your assets or risking the stake fluctuations,” Alicia Munnell said.
Read the full transcript here.