A Case for the Guaranteed Retirement Account
More and more adults are retiring with severely malnourished retirement savings and are growing more reliant on a Social Security system that isn’t keeping up with the rate of inflation. This is creating a problem where those that are middle-class in their working years are finding themselves impoverished in retirement. Experts are finding in study after study that the majority of people either can’t or won’t save enough for retirement. These workers are finding it financially impossible to save enough on their own or grossly underestimate how much money they will need to sustain themselves in retirement. Teresa Ghilarducci, an expert in Social Security and retirement field, is proposing a fix for this problem that is an add-on to the current Social Security System. This account, called the Guaranteed Retirement Account, would be paid in to by the worker throughout their career on top of the payments they make to Social Security. For more information on this topic, visit this article by Mark Henricks with The Street.