Auto-enrollment may be just what Americans need to save more for retirement — but perhaps only if the government makes it a requirement.
“It would require employers to auto-enroll workers into the plan so that workers wouldn’t be deterred by inertia,” said Richard Johnson, director of the program on retirement policy at the Urban Institute. The proposal also addresses auto-escalation, which automatically increases employees’ contributions to their accounts every year.
“The biggest benefit — people have to save,” said Charles Nelson, chief executive officer of retirement and employee benefits at Voya Financial. “If you don’t save, you’re not going to have money in addition to what the government provides through Social Security and other benefit programs.” There is “tremendous upside” to an auto-enrollment provision, he added.When it comes to retirement security, many workers need help.
The contribution may also be too small. Under the proposal, plans could start with a deferral rate as low as 3%. While this amount is better than nothing, it should be a starting point. Depending on when an individual begins saving and how much they may expect to need in retirement, those rates might not be high enough to meet their ultimate financial goals and live comfortably in retirement.
Source: Law Daily Report (lawdailyreport.net)
malito_ali Or how about some sort of pension?
malito_ali It's not really 'forcing' tho, is it ?
malito_ali Are going to legally require people to eat their broccoli next?
malito_ali That is fucking stupid. Again, another form of control.
malito_ali So they want to make a law where Americans are required to pump money into the stock market and make it sound like we are getting a good deal until the next market crash and we will lose 75% of our retirement. Nope buy gold, silver, or crypto. XRP🚀
malito_ali It's called social security. Let's work in saving it!
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We've have over US$2.3T in personal retirement savings here in Australia after it was made law to have 9.5% of your wages deposited in a regulated superannuation fund in the 1980's - not bad for a country with a population less than that of Texas
Yep. That’s the liberal thing to do. “Make it the law”
Hey government! Believe it or not, I'm better at deciding what I need than you are.
Stop bailing people out. Unfortunately you have to let people sink to learn. Self responsibility.
Let people in charge of their own social security accounts.
A new law😂
No reason for cover to tell anyone what they should have to do with their money. It begins with education and teaching people the value of saving for retirement
Will they be paying us enough to actually do that?! I’ve been assigned a value for my effort per hour, it’s hardly enough to pay the bills. How tf am I supposed to save some?!
Privatize Social Security
Given that self savings for retirement (IRAs, 401(k)s) were intended to augment Corp Pensions and SS, and NOT to be the sole savings for same, it's strange we continue to focus on it. What about requiring funded pensions? Supporting SS?
Then we need to make a law for employers to match contributions 100%
Buy Bitcoin
Government shouldn't force people to do this... fuck that commie bullshit
More good news please(((
Yo what 😂😂 I dare someone to tell me what to do
m-kay Koch brother.