Bigger and Better
Bigger and Better
Redesigning Our Retirement System in the Wake of the Financial Collapse
This chapter outlines ways of building a bigger and better retirement income system in the United States. It first traces the evolution of today's retirement programs, focusing on Social Security and defined contribution plans. It then discusses the challenges involved in making decisions concerning retirement savings, as well as the impact of the financial crisis on retirement plans. The chapter also assesses the impact of recent public policies aimed at reforming the existing retirement income system and considers a new tier of individual retirement saving accounts that would replace approximately 20 percent of a worker's pre-retirement income. Finally, it compares this tier with Social Security and concludes that the latter is a better option in which to invest equities.
Keywords: retirement income, United States, Social Security, defined contribution plans, retirement savings, financial crisis, retirement plans, public policies, equities
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