Alice Rivlin discusses retirement security

Jan. 14, 2012

Rivlin is a member of the Simpson-Bowles National Commission on Fiscal Responsibility and Reform, having been appointed to the bipartisan panel by President Barack Obama. She also co-chaired, with former U.S. Sen. Pete Domenici of New Mexico, the Debt Reduction Task Force of the Bipartisan Policy Center. 

Kiplinger's: What do individuals do in the midst of an uncertain economy to provide for their own retirement security? 

Rivlin: They save more, if they can. 

Unfortunately, members of the baby-boom generation did not face up to their retirement options well enough or soon enough. In some ways, that was because things were going so well and because people believed their houses were very safe investments that would appreciate over time. That anchor is gone. 

What do people do now? Well, spend less, save more and keep working longer. That's the really hard thing.