Bolstering Retirement Security
Retirement security is quickly becoming a top concern among Americans as the population ages and Boomers continue to retire en masse. Obama just took a step in the right direction with the introduction of the myRA accounts, but it simply won’t be enough to solve the impending crisis. The number of retired people will spike starting in 2020 with inadequate 401(k)s and will be relying heavily on Social Security as their sole source of income in retirement. A new plan, proposed by Teresa Ghilarducci and Hamilton James, looks to solve this problem with a mandatory pay-in during employment that will fund a steady stream of revenue in retirement. For more information on this plan, visit this article by Ghilarducci and James with The New York Times.