A New Idea to Fix the Retirement-Savings Crisis
The retirement-savings crisis in America is so acute that at least one prominent thinker on the subject is calling for a mandatory savings program above and beyond existing 401(k) and other pension plans. “The nation requires a new, mandatory tier of retirement accounts, initiated by the federal government but managed by the private sector, that will replace about 20% of preretirement earnings,” Alicia Munnell, director of the Center for Retirement Research at Boston College, told Bloomberg News. Munnell is a former Treasury official and former member of the President’s Council of Economic Advisers. Her voice carries a lot of weight on pension matters, and her comments seem to open the door to a back-to-the-future kind of pension system. Along with a new, additional type of savings program, Munnell wants to delay Social Security payments “a few years longer” and encourage people to stay at work to age 68 or 69 or later. She’d like to see 401(k) plans reworked so that autoenrollment ...
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