Word: plan
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Over the past 30 years, the way we save for retirement has come to be dominated by one plan: the 401(k). But the financial crisis and resulting market meltdown showed the 401(k) to be far from perfect. A number of academics and others have proposed either changes to the 401(k) system or scrapping it altogether. Roger Ferguson Jr., chief executive of the investment firm TIAA-CREF, is one of the few financial executives who have backed changing the system. Ferguson's opinion is sure to have some sway. He is a former vice chairman of the Federal...
Unsurprisingly, his solution is the one his company already sells - a 401(k)-like plan that Ferguson says has done a better job of boosting retirement savings than the original. The 3½ million retirement accounts in the TIAA-CREF system have an account that is on average 50% higher than the average 401(k). Ferguson pitched his company's solution to the retirement-savings problem to TIME. (Listen to TIME's Financial Toolkit: Should We Scrap...
...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 you design a sound plan? Every worker would automatically be enrolled in the new retirement system. The only way to opt out 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...
...We’ve played four teams in the top 10,” Caples said. “The plan is that this prepares us for the rest of the Ivy run...and trains us to play at a higher level...