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Wealth After Work
Author: William G. Gale
Publisher: Brookings Institution Press
Published: 2021-07-27
Total Pages: 406
ISBN-13: 0815739354
DOWNLOAD EBOOK →Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.
Reshaping Retirement Security
Author: Raimond Maurer
Publisher: Oxford University Press
Published: 2012-09-27
Total Pages:
ISBN-13: 0191636304
DOWNLOAD EBOOK →The worldwide financial crisis has wrought deep changes in capital and labor markets, old-age retirement systems, and household retirement and consumption patterns. Confidence has been shaken in both the traditional defined benefit and defined contribution plans. Around the world, plan sponsors, fiduciaries, policymakers, and households have gained a new awareness of retirement risk. When pressed to reform post-crisis, many would recommend enhancing financial advice for plan participants, emphasizing flexibility and the positive effect of working another one or two years to make up for investment losses in the downturn. Adding to this is the continuing need for financial education, essential as the retirement system moves increasingly toward personal account pensions. Perhaps most important of all is the need for greater understanding of risk throughout the retirement security system, along with new approaches to re-engineering retirement pensions. This volume explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans resulting from the financial crisis. It aims to rethink retirement in the new economic era, including the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.
Enhancing Retirement Security
Author: United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations
Publisher:
Published: 2002
Total Pages: 154
ISBN-13:
DOWNLOAD EBOOK →Aging and the Macroeconomy
Author: National Research Council
Publisher: National Academies Press
Published: 2013-01-10
Total Pages: 230
ISBN-13: 0309261961
DOWNLOAD EBOOK →The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Enhancing Retirement Security
Author: United States House of Representatives
Publisher:
Published: 2020-03-09
Total Pages: 146
ISBN-13:
DOWNLOAD EBOOK →Enhancing retirement security: H.R. 10, the Comprehensive Retirement Security and Pension Reform Act of 2001: hearing before the Subcommittee on Employer-Employee Relations of the Committee on Education and the Workforce, House of Representatives, One H
Enhancing Women's Retirement Security
Author: United States. Congress. Senate. Special Committee on Aging
Publisher:
Published: 2012
Total Pages: 192
ISBN-13:
DOWNLOAD EBOOK →Enron and Beyond
Author: Jack VanDerhei
Publisher:
Published: 2008
Total Pages: 25
ISBN-13:
DOWNLOAD EBOOK →The Enron situation has caused the retirement income policy community to focus increased attention on the desirability of current law and practices regarding company stock in 401(k) plans. Several proposals have been advanced to limit the exposure of 401(k) participants to company stock. I suggest that, contrary to conventional wisdom, the introduction of company stock into 401(k) plans is not simply more risk for no additional (expected) return. Rather, the introduction of this asset class into the 401(k) participant's portfolio may have beneficial influences via the differential asset allocation. I create a model to simulate the likely financial impact of prospectively eliminating company stock from 401(k) plans and find that average balances are expected to be between 4.0 and 7.8 percent larger if company stock is retained.
Automatic
Author: William G. Gale
Publisher: Rowman & Littlefield
Published: 2011-12-01
Total Pages: 282
ISBN-13: 0815703821
DOWNLOAD EBOOK →Automatic offers an innovative new way to think about how Americans can save for retirement. Over the past quarter century, America's pension system has shifted away from defined benefit plans and toward defined contribution savings programs such as 401(k)s and IRAs. There is much to be done to improve the defined contribution system. Many workers fail to participate and those who do often contribute too little, invest the funds poorly, and are not adequately prepared to manage funds while in retirement. To resolve these problems, the authors propose that employees should be automatically enrolled into a 401(k) plan when they are hired, with the right to opt out, change the amount that they contribute, or change investment choices if they choose. If the employer does not sponsor a 401(k) or similar retirement plan, they would be enrolled in a payroll deduction Automatic IRA. This vision of a transformed defined contribution system incorporates key positive features of defined benefit plans to improve retirement security. Employess contributions would increase over time, their investments would benefit from professional management and rebalancing, and they would receive lifetime income upon retirement. These automatic features will make the 401(k) and similar plans a more effective tool for retirement saving, and they can be extended to the many workers who do not currently have access to an employer plan. In Automatic, the authors present proposals to implement automatic features in all phases of the 401(k) and in IRAs for workers with no employer plan. They also draw from the experience of countries that have implemented automatic saving structures.
Rescuing Retirement
Author: Teresa Ghilarducci
Publisher: Columbia University Press
Published: 2018-01-23
Total Pages: 177
ISBN-13: 0231546270
DOWNLOAD EBOOK →Retirement shouldn’t be just for the rich: “Finally, a practical plan to address Americans’ lack of adequate retirement savings.”—Michael Bloomberg Everyone deserves to be able to retire with dignity, but this core feature of the social contract is in jeopardy. Companies have swerved away from pensions, and most of the workforce has woefully inadequate retirement savings. If we don’t act to fix this broken system, rates of impoverishment for senior citizens threaten to skyrocket, and tens of millions of Americans reaching retirement age in the coming decades will be forced to delay retirement and will experience a dramatic drop in their standard of living. In Rescuing Retirement, economist Teresa Ghilarducci and billionaire businessman Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. Built on people’s own money in individual Guaranteed Retirement Accounts, the plan requires no new taxes, no more bureaucracy, and no increase in the deficit. Speaking to Americans’ growing anxiety about their ability to retire, Rescuing Retirement provides answers to anyone wanting to understand the growing movement to protect a period of life once considered a deserved time of rest and creativity and offers a practical guide to the future of secure retirement. “Ghilarducci and James never slip into wonk-speak or jargon, and lay readers will appreciate the way the authors make sense of complex economic issues.”—Publishers Weekly
