Now is the Time to Add Retirement Accounts to Social Security: The Guaranteed Retirement Account Proposal

Zachary Knauss and Bridget Fisher
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Bridget Fisher: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org

No 2015-07, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: Despite billions in tax breaks to incentivize retirement savings, almost half of the American workforce does not have a retirement plan. Without safe, effective accounts to save consistently for retirement, older workers face the increasing likelihood of experiencing downward mobility in retirement. Rather than relying on families and social spending to provide for the growing numbers of vulnerable seniors, we need comprehensive retirement reform to ensure retirement income security. This includes creation of Guaranteed Retirement Accounts (GRAs) added on to Social Security. A GRA is a mandated, professionally-managed retirement account – a hybrid between a defined benefit pension and a 401(k)-type defined contribution plan.

Keywords: Retirement; 401(k); GRA; Social Security (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2015-06
New Economics Papers: this item is included in nep-acc, nep-age and nep-mac
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