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What's wrong with the 401(k)? The goal of a retirement system should be to help people save safely while they are working, and then to provide an amount of income in retirement that they can't outlive and that is sufficient to their needs. The 401(k) doesn't do that. It was never meant to be the nation's primary retirement system...
...know the 401(k) is not working? Only about 50% of Americans have 401(k) accounts. So not enough people are participating. But even among those that do, the amount of savings that the 401(k) is producing is not nearly enough. The average account has enough to live on for a few years at best, not nearly enough to fund a full retirement...
...system should be some form of objective, non-commissioned advice. And lastly, we need to ensure that once people have hit retirement, they have access to a product that provides low-cost, guaranteed income throughout the rest of their life. (Read "Why It's Time to Retire the 401(k...
...from what we have now to what you are describing? The first thing we need to do is to return to a system where the 401(k) is not the sole retirement-savings vehicle. Also, employers have to acknowledge that they have a shared responsibility along with employees to produce safe retirements. Lastly, we all have to realize that there is a role for government to play in creating the right legislative environment that enables workers to enroll in a sound retirement plan...
...would be to show that you already have a retirement plan in place. And workers would be eligible for the retirement system on their first day of work, unlike today, where many companies make people wait a year until they can participate in their 401(k) plan. There would be an individual contribution and company match. Together those contributions would equal somewhere between 10% to 14% of a worker's pay. Our research shows that at that level of savings, you put away enough to generate as much as 70% of pre-retirement income after you stop working. Lastly...