We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Bipartisan Recommendations--for Policy Makers and Practitioners--to Improve Retirement Security and Personal Savings.
- Authors
Collins, Brian D.; Akabas, Shai
- Abstract
Far too many Americans are not saving enough--or at all--for retirement; workers routinely raid their retirement savings in times of financial emergency because they lack sufficient personal savings. Few of those with substantial savings have acted to address longevity risk and secure adequate retirement income that they cannot outlive. Home equity is typically underutilized as a resource in retirement. Americans often face these challenges with insufficient financial capability, and Social Security--the foundation of the national retirement system--is significantly underfinanced and leaves some with inadequate benefits. These problems may seem overwhelming, but they are solvable. Last year, a commission formed by the Bipartisan Policy Center proposed a comprehensive plan to address these challenges by building on existing systems--in the private sector and public programs--to increase middle-class retirement savings by roughly half by 2065 and reduce old-age poverty by one-third from current levels by 2035. The recommendations of the report demonstrate that policy makers, employers that sponsor plans, and retirement plan service providers have many opportunities to promote greater financial security in retirement.
- Subjects
RETIREMENT planning; SAVINGS; SOCIAL Security (United States); POVERTY; FINANCIAL security
- Publication
Benefits Quarterly, 2017, Vol 33, Issue 3, p8
- ISSN
8756-1263
- Publication type
Article