By Brian Kroce
Source: Pensions & Investments

Too many Americans are working longer — to the detriment of their health and well-being — without achieving retirement security because the retirement system in place has left them behind, according to labor economist Teresa Ghilarducci.

“The system that we have experimented with for the past 40 years, which I call it a ‘do-it-yourself, voluntary, individual-directed, commercially based system with top-heavy tax breaks,’ has mostly failed,” Ghilarducci said at the National Institute on Retirement Security’s 15th Annual Retirement Policy Conference in Washington on Feb. 27.

Ghilarducci, 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, said people at the lower end of the economic spectrum are working longer but not coming out ahead.

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