The Penn Wharton Budget Model offers a proposal to boost retirement savings for low-income Americans
Episode Description
Given the high level of government debt, Penn Wharton Budget Model Faculty Director Kent Smetters explains their proposal developed to increase retirement savings account balances for low-income Americans, without raising the federal debt. This proposal can also help address retirement fund gaps for when the Social Security fund runs out.
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Brief Summary
A new policy proposes automated retirement accounts for low-income Americans, reallocating existing tax benefits from higher-income households.
Key points
- Automated Retirement Savings Accounts. A new policy could create automated retirement savings accounts for 56 million low-income Americans by 2030.
