It's not all your fault -- it's 'a broken system,' the 'Reset Retirement' podcast says.
Many Americans are unprepared for retirement, and they may think it’s their fault they haven’t saved enough. This new podcast begs to differ.
Ghilarducci and Bridget Fisher, associate director of the Schwartz Center for Economic Policy Analysis, spoke with MarketWatch about their new podcast, and what they hope Americans learn from it.MarketWatch: Why did you decide to do this podcast on retirement? What did you hope would come of it? Ghilarducci: I’ve learned a lot. People hide their shame with a lot of magical thinking. They feel they got to this point, and especially in their 50s and 60s, think they’ll get a break by working longer or starting a coaching or independent business, or that their kids getting fabulous scholarships will somehow save them. As they get older, such as in their 80s, they don’t have that magical thinking and it becomes a feeling of resignation and depression.
Ghilarducci: There’s one book that does put Social Security into the calculations and that book says, you have a lot of financial partners in your life and the government is one of the most important ones. Social Security gives you around $250,000-$300,000 in wealth and Medicare another $600,000. But no adviser makes money on Social Security, they make money telling you it won’t be there for you and that you need to trust them. There is a vested interest to ignore and belittle Social Security.
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