America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need by Jane White

From the Publisher

Right now, America is barreling toward a retirement catastrophe. Social security isn't nearly enough, but 80% of the American people either have no other pension plan or are relying solely on a woefully underfunded 401(k). The reality is as simple as it is terrifying: you simply can't retire on a 401(k). You couldn't do it before the recent stock market crash and you certainly can't do it now. America's retirement funds are also suffering from too much credit card and college debt. There's some good news, though. America is awakening to its financial crisis. And, with the election of Barack Obama, there's a huge new window of opportunity to tackle this problem - and finally solve it. In this book, one of the nation's leading retirement planning experts realistically assesses the obstacles to achieving effective retirement reform and offers practical advice for protecting your financial future, whether or not policy changes take place. The author begins by showing why most Americans can only save one fifth of what they'll need to retire in their 401(k) and exposes the myths and miscalculations that are leading millions of Americans straight into poverty. She then addresses the staggering credit card debt and skyrocketing college costs that that Americans are facing and how you can work to improve your financial situation. Jane White shows how Americans can achieve a comfortable retirement again through informed decisions on saving and spending.

Publishers Weekly

White (The Cost Conscious Homebuyers Guide) paints a grim picture of America's financial future in this scathing indictment of our big banks, retirement system, mortgage brokers and legislators. White argues that middle-class families are headed for an even more disastrous financial catastrophe down the road, a result of our undersaving, overspending and overcharging ways, not to mention an excessively expensive educational system that leaves our citizens mired in debt before they've even begun earning. She explores the roots of our present woes, including underfunded 401(k)s, “bad” mortgages and unaffordable college tuition, offering such helpful advice as avoiding adjustable rate mortgages and steering clear of home improvements that don't add to your home's resale value. Despite the validity of White's tips, the consumer finance directives seem incongruous along with her pleas for legislative reform and diatribes on larger political issues. While she tries to solve too many problems—large and small, personal and political—in one volume, the tone is winning, and this book will appeal to cash-strapped, mortgage-challenged Americans who are looking for answers. (Oct.)

What People Are Saying

Evan Cooper
"Crack open this book and enter a bromide-free zone. Jane White knows why American families feel as if they are on a treadmill running out of control, and she explains the reasons with clarity, insight, and rare honesty. She also offers several practical suggestions for how we as individuals, families, and a nation can get out of the mess. Policymakers would be wise to listen."--(Evan Cooper, Deputy Editor, InvestmentNews)

Gregory Karp
"This eye-opening book sounds the alarm about many Americans' dim financial futures if consumers, businesses, and politicians don't change their ways. Jane White lays blame and names names. Until change happens, White offers prescriptions for your biggest money concerns--retirement, housing, college costs, and credit cards--featuring tried-and-true advice."--(Gregory Karp, Syndicated Newspaper Columnist and Author of The 1-2-3 Money Plan and Living Rich by Spending Smart)

Jacob S. Hacker
"Jane White has written a barnburner of a book. Though the title may cause alarm, America, Welcome to the Poorhouse is ultimately reassuring. We can protect our own financial futures if we get wise--and get together to demand real change."--(Jacob S. Hacker, Author of The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream)

"Americans need this vigorous wake-up call if they are to make it through the first half of the 21st century. They are burying themselves in debt--for education, for homes, and for toys--leaving too little for savings and investment. Jane White shows them where they are going wrong and how they can put themselves right."--(Thomas G. Donlan, Editorial Page Editor, Barron's National Business and Financial Weekly)

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