By Peter Coy
Source: The New York Times

Teresa Ghilarducci, a labor economist, begins her new book with a story about an 82-year-old cashier at Walmart who was able to retire — finally — after a customer started a GoFundMe campaign for him that blew up on social media. “Is this what America’s retirement system has come to?” she asks. “Are we heading for a TikTok pension system?”

Ghilarducci argues that working longer is not the solution to America’s retirement crisis, in which millions of people don’t have enough money for a comfortable old age. The most important fix, she says, is to shore up Social Security and complement it with a new automatic-enrollment pension plan for workers who lack access to an employer-sponsored retirement plan. Low- and moderate-income workers would get matching contributions from the government. (People could opt out of contributing, but then they wouldn’t get the match.)

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