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Improving Retirement Security through Innovation
(Source: U.S. department of Labor)
Retirement security is essential to ensuring American workers’ long-term economic prosperity, but retirement savings have not kept pace with the nation’s aging population and other economic and demographic changes.
Today, 1 in 3 workers does not have access to a retirement savings plan, including half of workers at firms with fewer than 50 employees and more than three-quarters of part-time workers. And changing work arrangements in high- and low-tech sectors are creating opportunities and challenges that will affect the future of work – as well as the future of retirement. These changes place a greater importance on the need for millions to have “portable” retirement benefits that can be carried from job to job and aren’t tied solely to one employment relationship. As President Obama said in his State of the Union address this year, basic benefits, including retirement benefits, should be “as mobile as everything else is today.” Read more…