Pursuing Universal Retirement Security Through Automatic IRAs
This paper proposes an ambitious yet practical set of initiatives to expand dramatically retirement saving in the United States-especially for the 75 million Americans working for employers that do not offer a retirement plan. The fact that half of our workforce does not have access to an employer savings plan along with a declining national saving rate and the expectation that Social Security is unlikely to provide adequate benefits, make the lack of retirement saving a major national problem. Research and experience both point to a simple and effective solution, which we call the "Automatic IRA."
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