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- Title
Policy Solutions for the Retirement Crisis: The U.S. retirement system is flawed and inadequate. The remedy? Expand Social Security and ensure employers and workers contribute to simple, affordable retirement plans.
- Authors
Morrissey, Monique
- Abstract
The United States' do-it-yourself retirement system, which relies on 401(k) plans, is flawed. These plans don't require employers to take on long-term liabilities, leaving many workers without access to employer plans; and they pose significant barriers to retirement security--high fees, poor investment choices, upside-down tax subsidies, and longevity risk. Rather than blaming people for not saving enough or relying on employers to voluntarily contribute toward workers' retirements, the solution is expanding Social Security and ensuring that employers and workers contribute to simple, affordable plans like Guaranteed Retirement Accounts.
- Subjects
UNITED States; PENSION laws; RETIREMENT laws; PENSIONS; SOCIAL Security (United States); RETIREMENT; FEDERAL government; INCOME; INVESTMENTS; LONGEVITY; RISK assessment; TAXATION; GOVERNMENT policy
- Publication
Generations, 2019, Vol 43, Issue 3, p98
- ISSN
0738-7806
- Publication type
Article