Shifting the Retirement Paradigm: Moving toward Lifetime Financial Security
In this executive summary of the Milken Institute’s upcoming report, Shifting the Retirement Paradigm: Moving toward Lifetime Financial Security, the team highlights the interrelated factors that impact Americans’ ability to be financially prepared to sustain their lifestyle choices over time. The forthcoming report provides an overview of policy changes, private-sector developments, and individual behaviors linked to establishing lifetime financial security.
The executive summary defines “lifetime financial security” for readers, going beyond the traditional understanding of “financial well-being,” and identifies the key focus areas that can create the most change. It highlights developments such as state-facilitated retirement plans and FinTech solutions that make long-term saving easier and more accessible. It also highlights the power of compounding and the need to begin saving at an early age. The summary and report discuss other important topics, such as saving for medical costs and addressing financial inequality and individual behavioral biases that impact long-term saving.
The report also addresses the changing work landscape, calling on and challenging employers to change hiring practices and work environments to promote longer working lives and value multigenerational workforces.