Guaranteed Retirement Accounts
Two giants in the economics arena have teamed up to tackle the problem presented by 401(k)s. Tony James and Teresa Ghilarducci have been working together on a system that they think is inherently better than a 401(k) that they see as hugely inadequate at fulfilling what it is supposed to do. They criticize the system on the grounds that it benefits too few workers while not generating enough savings towards retirement. Their belief is that the system should be mandated, which some states are already adopting as policy. The team foresees a cascading affect once these systems are put in to place in these states and workers and companies start to realize what a boon this would be. For more information on this subject visit this article by Mark Miller with The New York Times.