Teresa Ghilarducci, the director of the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School for Social Research has published a new book titled, When I'm 64: The Plot Against Pensions and the Plan to Save Them.  An economist and retirement reform expert, Ghilarducci shows that the transition from guaranteed benefit programs like pensions to guaranteed contribution programs like 401(k)s has been disastrous for most Americans.

While many of us look forward to a leisurely life in retirement, financed by our 401(k)s and the equity of our homes, the reality is that for over 70% of Americans, the majority of our retirement income will come from social security and that less than a fifth of our income will come from personal finances, including 401 (k) plans. In fact, the average American, approaching retirement age, has just $50,000 in their 401(k) plan and $73,000 in home equity—a meager cushion in the face of rising healthcare and housing costs.

Ghilarducci provides a new way of thinking about retirement—when and how we should expect to retire; how the experiences of white and blue collar workers, men and women differ; and how the decisions we make today impact our quality of life in retirement—that will be of interest to every working American.

When I’m Sixty-Four makes a no-holds-barred argument for a new national pension program. Ghilarducci proposes a new system of Guaranteed Retirement Accounts (GRAs) that would provide working citizens with a guaranteed income of 70% of their pre-retirement earnings. Ghilarducci proposes limiting tax exemptions on 401 (k)s and other voluntary retirement accounts and using the savings to finance the GRA program. Her solution costs the government nothing and provides retirement savings for millions of people who currently have none.

Ghilarducci joined The New School and SCEPA this spring after 25 years as a professor of economics at the University of Notre Dame and 10 years as director of the Higgins Labor Research Center at the university. She is also the 2006-2008 Wurf Fellow at Harvard Law School. Her books include Labor’s Capital: The Economics and Politics of Private Pensions.