A Proposal to Cut Benefits
A new report from the Bipartisan Policy Center suggests that cutting benefits in favor of private savings could be the right “fix” for Social Security. At first this seems like the opposite that everyone would want. This plan would promote participation in personal and company plans such as 401(k)s, MyRAs, and a Retirement Security Plan. However, their plan states that only companies with 50 or more employees would be required to automatically enroll their workers. This is a different take on the problem and completely different from some of the more popular proposals to expand Social Security that puts more of the responsibility in the hands of the employees and employers. For more information visit this article by Alicia H. Munnell with Market Watch.
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