Displaying items by tag: GRA - The New School SCEPA
Guaranteed Retirement Accounts (GRAs), proposed in the 2018 book Rescuing Retirement, are universal individual accounts funded throughout a worker’s career by employer and employee contributions and a refundable tax credit. If GRAs were implemented in 2018,1.5 million seniors would be saved from poverty or near poverty by 2025. This increases to 3.6 million seniors by 2035 and 8.1 million seniors by 2045.
- If we do nothing to reform the current retirement system, the number of poor or near-poor people over the age of 62 will increase by 25% between 2018 and 2045, from 17.5 million to 21.8 million.
- If the GRA were implemented in 2018, 8.1 million seniors would be saved from old-age poverty or near poverty by the year 2045.
Author: Teresa Ghilarducci, Michael Papadopoulos, and Anthony Webb
July 2018 Unemployment Report for Workers Over 55
Despite billions in tax breaks to incentivize retirement savings, almost half of the American workforce does not have a retirement plan.
The plan proposes a simple, effective solution to address the fundamental flaws in today’s broken retirement system.
The paper looks at what returns pension funds can realistically deliver in the long term.
Without changes to our failed system, a growing number of Americans will ride a wave of insufficient savings to deprivation in their old age.
Guaranteed Retirement Accounts would supplement an expanded Social Security.
SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.