“The Potential effects of Retirement Proposals on Private and National Saving: Exploratory Calculations,” a paper released by The Retirement Security Project estimates that savings incentives for middle- and low-income workers, such as automatic enrollment in 401(k) plans, automatic IRAs, expanding and improving the Saver’s Credit, and allowing taxpayers to split direct deposit of tax refunds into several accounts, could increase net national savings by $78 billion per year–which would be 6% of GDP. According to the paper, the national savings rate currently stands at about 2.5% of GDP. Statistics show also that 75% of workers prefer to have someone else manage their money, which means they’re in favor of these auto enrollments.
William Reichenstein tells ThinkAdvisor what he thinks is a fairer way to strengthen Social Security.
The rule is intended to align with SEC's Reg BI.
Forty-five percent said they were willing to give up some potential gains in exchange for loss protection, the insurer found in a survey.
Sponsored by Cetera Financial Group
Positive word of mouth can be your best marketing ally, but it’s not always easy to earn. Discover how a simple adjustment can make a big difference.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.