Download or read book Strengthening Social Security written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2004 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Retirement Savings for Low Income Workers written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-10 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retirement savings for low-income workers : hearing before the Subcommittee on Social Security, Pensions, and Family Policy of the Committee on Finance, United States Senate, One Hundred Thirteenth Congress, second session, February 26, 2014.
Download or read book Retirement Savings for Low income Workers written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security, Pensions, and Family Policy and published by . This book was released on 2014 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Retirement Savings for Low Income Workers S Hrg 113 402 February 26 2014 113 2 Hearing written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2014* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Encouraging Savings Under the Earned Income Tax Credit written by Vada Waters Lindsey and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: During 2007, 3.6 million or 9.7% of people in the United States age 65 or older were below the poverty level. In light of the number of elderly people living below the poverty level, it is important that everyone, including low-income workers, have the opportunity to save for retirement. Low-income workers face many challenges to saving for retirement. The barriers to saving include the lack of access to retirement plans and lack of investment savvy. For example, only 42% of workers employed in service occupations in the private industry have access to employer retirement plans. The percentage drops to 39% for part-time employees. This Article proposes that the earned income tax credit (EITC) be expanded to encourage saving to help reduce the poverty level. The Article argues that the EITC should be structured to “nudge” low-income workers to invest in retirement plans and individual retirement accounts to lower the likelihood that they will live below the poverty level at retirement. The Article then discusses the importance of saving and the ways in which the government has encouraged lower income workers to accumulate wealth. Because these efforts have not succeeded in increasing the savings rate of low-income workers, the government must take additional measures to encourage them to save. This Article outlines a detailed plan for the adoption of a saving component to the EITC and outlines the importance of automatic contributions in conjunction with the EITC to maximize the success of the saving component. The plan also includes a government match in certain circumstances but requires forfeiture of the match for early withdrawals.
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Retirement Savings for Low income Workers written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security, Pensions, and Family Policy and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do Low Income Workers Benefit From 401 k Plans written by and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 401(k) plans â€" the main retirement savings vehicle for millions of workers â€" allow participants to save on a tax-deferred basis. This tax incentive is more valuable to workers in high-income families than workers in low-income families because they face higher marginal income tax rates. Not surprisingly, then, studies of the distributional effects of 401(k)s find that they mainly benefit high-income workers. However, these studies assume that employer contributions to 401(k)s do not affect the total compensation that each worker receives â€" that is, every worker “pays forâ€ŗ employer contributions in the form of lower wages. This brief challenges this assumption, testing whether employer contributions may actually increase total compensation for low-income workers, who may be more reluctant than high-income workers to accept wage reductions in exchange for retirement saving contributions. The brief is organized as follows. The first section provides background on 401(k)s, specifically their tax treatment and the rationale for employer contributions. The second section explores the traditional theory of how fringe benefits affect workersâ€TM total compensation and why the theory might not uniformly hold for employer contributions to 401(k)s. The third section describes an experiment to test this theory and presents the results. The final section concludes that additional employer 401(k) contributions appear to reduce wages only modestly for low-income workers, resulting in higher total compensation for these workers. These results suggest that traditional analyses may understate the benefits that 401(k)s provide for rank-and-file workers.
Download or read book Retirement Savings Plans written by Paul J. Graney and published by Nova Publishers. This book was released on 2004 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (PL 93-406) to promote retirement saving, were limited at first to workers (and spouses) who lacked employer pension coverage. Income tax was deferred on both contribution and investment earnings. Annual contributions were limited to the smaller of $1,500 or 15% of earnings. Eligibility was expanded to all workers and their spouses by the Economic Recovery Tax Act of 1981 (PL 97-34). Annual contributions were limited to the smaller of $2,000 or 100% earnings. The Tax Reform Act Reform Act of 1986 (PL 99-514) continued tax deferral for IRA earnings, but it limited tax deferrals for contributions to those from: (1) tax filers with no employer plan (for either spouse); and (2) filers with employer pension coverage but whose adjusted gross income (AGI) is below specified limits. The Taxpayer Relief Act of 1997 (PL 105-34) increased these AGI limits, allowed penalty-free early withdrawals for higher education expenses and first-home purchases, and authorised a new 'Roth IRA' to provide tax-free income from after-tax contributions and untaxed investment earnings. This book reviews the key details concerning these legal arrangements for retirement.
Download or read book Die with Zero written by Bill Perkins and published by Houghton Mifflin. This book was released on 2020 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A ... new philosophy and ... guide to getting the most out of your money--and out of life--for those who value memorable experiences as much as their earnings"--
Download or read book Waiting on Retirement written by Mary Gatta and published by Stanford University Press. This book was released on 2018-10-02 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: America is witnessing a retirement crisis. As the labor market shifts to the gig economy and new strains restrict social security, the American Dream of secure retirement becomes further out of reach for up to half of the population. In Waiting on Retirement, Mary Gatta takes the case of restaurant workers to examine the experiences of low-wage workers who are middle-aged, aging, and past retirement age. She deftly explores the many factors shaping what it means to grow old in economic insecurity as her subjects face race- and gender-based inequities, health hazards associated with their work, and the bitter reality that the older they get the fewer professional opportunities are available to them. More importantly, Gatta demonstrates that these problems are pervasive, as more industries adopt the worst workplace practices of service work. In light of these trends, we must consider the devastating effects on already vulnerable Americans because, as Gatta contends, this crisis does not need to be inevitable. Taking as a model the small percentage of "good" restaurant jobs that exist, she ultimately offers incisive commentary on what can be done to stave off this bleak future.
Download or read book Working Longer written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2009-10-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Daily headlines warn American workers that their retirement years may be far from golden. The main components of the retirement income system—Social Security and employer-provided pensions and health insurance—are in decline while the amount of income needed for a comfortable retirement continues to rise. In Working Longer, Alicia Munnell and Steven Sass suggest a simple solution to this problem: postponing retirement by two to four years. By following their advice, the average worker retiring in 2030 can be as well off as today's retirees. Implementing this solution on a national scale, however, may not be simple. Working Longer investigates the prospects for moving the average retirement age from 63, the current figure, to 66. Munnell and Sass ask whether future generations will be healthy enough to work beyond the current retirement age and whether older men and women want to work. They examine companies' incentives to employ older works and ask what government can do to promote continued participation in the workforce. Finally, they consider the challenge of ensuring a secure retirement for low-wage workers and those who are unable to continue to work. The retirement system faces very real challenges. But together, workers, employers, and the government can keep this vital piece of the American dream alive.
Download or read book Aging Gracefully written by Peter R. Orszag and published by . This book was released on 2006 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging Gracefully gathers a collection of essays that highlight policy ideas for promoting greater retirement savings among Americans. The essays were written as part of the Retirement Security Project, which is dedicated to promoting common sense solutions to improve the retirement income prospects of millions of American workers. The project is supported by The Pew Charitable Trusts, in partnership with Georgetown University's Public Policy Institute and the Brookings Institution. The essays included in this volume address issues such as: How an automatic 401(k) would encourage greater savings. How better structured 401(k) investments can reduce risks and increase growth. What impact the preferential tax treatment given IRAs and 401(k) plans has on low-income families. How IRA-contribution matching by employers can encourage low- and middle-income families to save more.
Download or read book Retirement Savings written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2010-08 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Only about half of all workers participate in employer-sponsored retirement plans. To foster greater participation among workers who have access to such plans, Congress passed a law that facilitates plan sponsors' adoption of automatic enrollment policies (AEP). To foster greater retirement savings among workers who do not have access to an employer-sponsored plan, proposals have been made for an "automatic IRA" and at the state level for state-based programs. This report determined: (1) what is known about the effect of AEP among the nation's 401(k) plans, and the extent of and future prospect for such policies; and (2) the potential benefits and limitations of automatic IRA proposals and state-assisted retirement savings proposals. Illus.
Download or read book Private Pensions written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 25 years, pension coverage has shifted primarily from "traditional" defined benefit (DB) plans, in which workers accrue benefits based on years of service and earnings, toward defined contribution (DC) plans, in which participants accumulate retirement balances in individual accounts. DC plans provide greater portability of benefits, but shift the responsibility of saving for retirement from employers to employees. This report addresses the following issues: (1) What percentage of workers participate in DC plans, and how much have they saved in them? (2) How much are workers likely to have saved in DC plans over their careers and to what degree do key individual decisions and plan features affect plan saving? (3) What options have been recently proposed to increase DC plan coverage, participation, and savings? GAO analyzed data from the Federal Reserve Board's 2004 Survey of Consumer Finances (SCF), the latest available, utilized a computer simulation model to project DC plan balances at retirement, reviewed academic studies, and interviewed experts.
Download or read book How Persistent Low Returns Will Shape Saving and Retirement written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2018-08-23 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial market developments over the past decade have undermined what was once thought to be conventional wisdom about saving, investment, and retirement spending. How Persistent Low Returns Will Shape Saving and Retirement explores how the weak capital market performance predicted for the next several years will shape pension saving, investment, and decumulation plans. Academics, policymakers, and industry leaders debate alternative strategies to cope with these challenges globally, as economic growth remains slow and low returns become the 'new normal.' This volume includes contributions from plan sponsors, benefit specialists, actuaries, academics, regulators, and others working to design resilient pensions for the next decades. Together, they identify several new tools for retirement savers and pension managers.
Download or read book Finally The Truth About Saving Social Security written by William A. Seymore and published by Xlibris Corporation. This book was released on 2011-04-01 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: