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PURE: a proposal for more retirement income security
1Center for American Progress, 1333 H St NW, 10th Floor, Washington, DC 20005, USA. cweller@americanprogress.org
Journal of Aging & Social Policy
|March 10, 2007
Summary
Many households lack retirement readiness despite policy efforts. This paper proposes mandatory private pensions with a 3% payroll contribution and institutional changes to lower costs and risks for individual retirement accounts.
Area of Science:
- Public Policy
- Retirement Planning
- Economics
Background:
- Despite decades of public policy initiatives, a significant portion of households remains inadequately prepared for retirement.
- Current retirement policy approaches have not sufficiently addressed the persistent issue of insufficient retirement savings.
Purpose of the Study:
- To propose a new public policy framework for enhancing retirement preparedness.
- To introduce a system of mandatory private pensions to improve retirement savings outcomes.
Main Methods:
- Suggesting a minimum mandatory contribution of 3% of payroll for private pensions.
- Proposing institutional reforms to mitigate the costs and risks associated with individual retirement accounts.
Main Results:
- The proposed system aims to ensure a baseline level of retirement savings for a larger minority of households.
- Institutional changes are expected to improve the efficiency and security of private retirement accounts.
Conclusions:
- A shift in public policy towards mandatory private pensions is necessary to address widespread retirement inadequacy.
- Implementing mandatory contributions and reducing account costs/risks can significantly improve retirement security.
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