Teresa Ghilarducci

Italy lets workers retire after 40 years on the job. That's not early retirement — it's retirement justice. America should learn from it.

The 2026 Social Security Trustees Report landed Tuesday and moved the day of reckoning into the next presidential term.

Every so often a headline announces that women are better investors than men citing one or more of four reasons: Women trade less. They churn less.

Every so often a headline announces that women are better investors than men citing one or more of four reasons: Women trade less. They churn less. They pay fewer transaction costs. They earn higher risk-adjusted returns. So women are better...

Trump Accounts give every U.S. newborn a stake in the market, a real start on worker wealth. But the design favors the rich. The fix is a fairer account, not none.

America's tax-favored savings system is a complex "junk drawer" rather than efficient social policy. Economist Dean Baker advises against "Trump Accounts" and the author argues 529 plans, though flexible for education, are often complex, laden with fees, and primarily benefit wealthier families, with studies showing their tax incentives don't significantly broaden participation. In contrast, the new "Trump Accounts," despite their name and limitations, offer a crucial $1,000 seed contribution and a simpler, low-fee structure, making them a more practical starting point for children lacking existing assets. A good financial adviser should explain the nuanced tradeoffs between these options, recognizing the value of a seeded account even if it's not a perfect social policy.

Germany's pension debate, considering a retirement age near 70, sparks US comparisons, but Germany's proposal to raise the retirement age is a comprehensive reform and in the US it is a cut. The US has lower life expectancy and significantly weaker labor power than Germany so "work longer" policies disproportionately harm American workers who face demanding jobs, low pay, age discrimination, and early death. The article argues the US must first ensure work is healthy, secure, and predictable before demanding longer working lives.

President Trump's interest in Australia's retirement system signals a desire for a "hybrid" approach, not Social Security privatization. Australia's model includes mandatory employer-funded "superannuation" accounts, ensuring widespread participation. The U.S. system, however, relies on voluntary private savings beyond Social Security, which proves insufficient for most Americans and exacerbates inequality. The article proposes adding universal, portable accounts atop Social Security's guaranteed lifetime benefits. This "missing second floor" would address the inadequacy of voluntary savings and provide robust retirement security for all, complementing Social Security rather than replacing it.

California voters will decide on Proposition 40, a one-time 5% tax on wealth over $1 billion for approximately 201 residents, aiming to raise $100 billion. This "Billionaire Tax" seeks to restore critical Medi-Cal funding, which faces significant federal cuts. Notably, it exempts typical retirement savings, targeting only extreme wealth. A counter-measure, Proposition 42, branded as "Protect Retirement and Personal Savings," could neutralize Prop 40 if it receives more votes. The article contends that Prop 42's name is misleading, as Medi-Cal is vital for middle-class long-term care, a key component of retirement security. Thus, Prop 40 is crucial for protecting Californians' long-term care needs, while Prop 42 is a "poison pill" safeguarding billionaire assets.

Elizabeth Warren and Bernie Moreno back a broader Social Security tax base as 2032 benefit cuts loom, including taxes on capital gains, dividends and investment earnings.