As life expectancy rises, health care costs continue to increase, and traditional pensions disappear, Americans on the verge of retirement are more reliant than ever on their own savings to maintain their standard of living and pay for future care needs. Many observers agree that policy improvements are needed to strengthen the economic security of American households and individuals during retirement years.
On June 23, The Hamilton Project at Brookings hosted a policy forum on promoting financial well-being in retirement. U.S. Secretary of Labor Thomas E. Perez delivered keynote remarks. The first panel discussed a new paper by Professor Wesley Yin of UCLA that seeks to address challenges in the private long-term care insurance market. Yin was joined by Howard Gleckman, Resident Fellow at the Urban Institute, Thomas McInerney, President and CEO of Genworth Financial, and Alice M. Rivlin, Director of the Center for Health Policy at the Brookings Institution. Benjamin Harris, Chief Economist and Economic Adviser to the Vice President at the White House, moderated the discussion.
The second panel discussed a new paper by Professor John Friedman of Brown University, suggesting reforms to the landscape of retirement savings accounts. Friedman was joined by James Poterba, Professor of Economics at MIT and President of the National Bureau of Economic Research, and Debra Whitman, Chief Public Policy Officer at AARP. Melissa S. Kearney, Director of The Hamilton Project, moderated the discussion.
1:30 PM Welcome and Introductions
Robert E. Rubin
Co-Chair, Council on Foreign Relations
Former U.S. Treasury Secretary
1:40 PM Keynote Address
The Honorable Thomas E. Perez
U.S. Secretary of Labor
2:10 PM Roundtable: Addressing the Challenges of the Long-term Care Insurance Market
Author: Wesley Yin
Associate Professor of Public Policy, Luskin School of Public Affairs, UCLA
Discussant: Howard Gleckman
Resident Fellow, Urban Instiute
Discussant: Thomas McInerney
President and Chief Executive Officer, Genworth Financial, Inc.
Discussant: Alice Rivlin
Leonard D. Schaeffer Chair in Health Policy Studies
Director, Center for Health Policy The Brookings Institution
Moderator: Benjamin Harris
Chief Economist and Economic Adviser to the Vice President, The White House
3:15 PM Break
3:25 PM Roundtable: Improving Policy for Retirement Savings Accounts
Author: John Friedman
Associate Professor of Economics and International Relations and Public Policy, Brown University
Discussant: James Poterba
Mitsui Professor of Economics, MIT
President, National Bureau of Economic Research
Discussant: Debra Whitman
Chief Public Policy Officer, AARP
Moderator: Melissa S. Kearney
Senior Fellow and Director, The Hamilton Project The Brookings Institution