State Guaranteed Retirement Accounts: A Low-Cost, Secure Solution to America's Retirement Crisis

Teresa Ghilarducci, Robert Hiltonsmith and Lauren Schmitz
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Lauren Schmitz: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org

No 2012-04, SCEPA publication series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: The share of workers without any retirement plan at work has risen dramatically over the past decade. We propose states offer all workers a voluntary, low-fee, low-risk, State Guaranteed Retirement Account (State GRA) to help boost savings for retirement. State GRAs are individual accounts where benefits at retirement are based solely on contributions and returns. The major features of the State GRA proposal include consistent contributions, pooled investments, guaranteed returns, portable accounts, lifelong retirement income, independent administration, and public investment management.

Keywords: Retirement; Social Security; Unemployment; Older Americans; GRA (search for similar items in EconPapers)
JEL-codes: E21 H55 J26 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2012-09
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapb:2012-04

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