The decline in “defined benefit” pension plans over the past 25 years has placed increased responsibility on workers to plan for their own retirement. And workers are feeling the pain. Many families approaching retirement age have little or no savings.
The next President should consider the following common-sense reforms:
- making saving easier and less complicated possibly through automatic 401(k)s for workers at firms offering pensions and automatic IRAs for other workers
- restructuring tax incentives for retirement saving
- reducing implicit taxes on retirement saving
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Opportunity 08 aims to help 2008 presidential candidates and the public focus on critical issues facing the nation, presenting policy ideas on a wide array of domestic and foreign policy questions. The project is committed to providing both independent policy solutions and background material on issues of concern to voters.