02/20/2006 - Unless new policies are enacted soon, many Americans are destined for a deprived old age. Some 70 million people, nearly half of the work force, have no employer-provided savings plan of any kind. Over all, half of American households have saved little or nothing for retirement.
The response from the Bush administration has been off the mark, at best. For the fourth time in a row, President Bush's annual budget calls for creation of two new kinds of tax-sheltered accounts that would mostly benefit people who already save megabucks every year. Meanwhile Mr. Bush's perennial savings proposal for low- and moderate-income earners is routinely ignored on Capitol Hill. But even if it were taken seriously, it's too limited to reach most of the people who need to save more.
Read the rest of the editorial on the New York Times site--The Way to Save.
Pew is no longer active in this line of work, but for more information visit the Retirement Security Project on PewHealth.org.