Insights Blog

Rescuing Retirement: New Edition

January 23, 2018

SCEPA Director and economist Teresa Ghilarducci and Blackstone President Hamilton “Tony” James published the second edition of their co-authored book, Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans, from Colombia University Press.

The new edition elaborates on James and Ghilarducci’s proposal to help American workers save for retirement, increase savings and guarantee lifelong income through individual Guaranteed Retirement Accounts.

RR 2 book cover 2

New components include:

A foreword by Timothy Geithner, Former United States Secretary of the Treasury
A new chapter on why this plan is effective for employers
Proven results from scores by the Tax Policy Center at The Urban Institute on the plan’s effects on deficits and taxes
Focus group test results from a broad spectrum of US citizens
Feedback from the first edition to make the plan more actionable and successful
Input from peer reviews by experts in the field

Rescuing Retirement provides answers to anyone wanting to understand the growing movement to protect a period of life once considered a deserved time of rest and creativity. It offers a practical guide to the future of secure retirement. According to a review in Publishers Weekly, "What makes the book so readable is not just the authors’ well-reasoned proposal, which includes case studies and surveys, but also their explanation of how the U.S. got to this point, which includes the accidental birth of the 401(k)."

“America’s retirement system is facing a crisis,” said Tony James. “Now is the time to start a national dialogue and meet these challenges with modern, common sense solutions.”

“The majority of Americans are unable to save enough money to retire comfortably,” said Teresa Ghilarducci. “Resolving this will require us to think beyond our current set of tools and add new options to today’s retirement marketplace.”

“Finally, a practical plan to address Americans’ lack of adequate retirement savings. This silent crisis, if not solved, will slow growth, challenge budgets, and hurt households across the United States. Teresa Ghilarducci and Tony James are proposing a smarter, more cost-effective way of securing the retirements of all Americans. This plan is critical to warding off a looming retirement savings crisis,” said Michael Bloomberg, CEO of Bloomberg LP.

Rescuing Retirement presents a thoughtful and compelling view of how the current retirement system is failing our people—and offers a thought-provoking, pragmatic approach to substantially enhancing retirement security for every American.

-Robert Rubin, 70th U.S. Treasury Secretary.

A first edition of this book was originally published in September 2016.

Tony James is President and Chief Operating Officer of Blackstone, one of the world’s leading investment firms, which manages money for over 80 percent of participants in U.S. pension plans. He is a member of Blackstone’s Management Committee and sits on each of the firm’s investment committees. Mr. James is also the Chairman of the Board of Costco Wholesale Corporation and has served on a number of other corporate and non-profit Boards.

Teresa Ghilarducci is a leading expert on retirement security and is the Bernard L. and Irene Schwartz Professor of Economics at the New School for Social Research and the director of the Schwartz Center for Economic Policy Analysis and the New School’s Retirement Equity Lab. She is the author of When I’m Sixty-Four: The Plot Against Pensions and the Plan to Save Them (2008) and How to Retire with Enough Money: And How to Know What Enough is (2015).

About SCEPA

SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.