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发帖数: 2469 | 1 Former senator: 401(k) plans were 'never designed to be the retirement plan
for America'
Yahoo Finance Ben WerschkulYahoo FinanceJune 27, 2019
A former senator and expert on retirement security noted that "we've sort of
fallen into" a retirement system built around 401(k) plans but you would "
run into tremendous resistance politically" if you tried to change it.
Kent Conrad represented North Dakota and is now a senior fellow at the
Bipartisan Policy Center. He advocates working within the system that he
acknowledges was "never designed to be the retirement plan for America."
Conrad joined "On the Move" with Adam Shapiro and Julie Hyman Wednesday to
discuss retirement as part of a new partnership between Yahoo Finance and
the Funding our Future campaign, an arm of the Bipartisan Policy Center that
advocates for a secure retirement for all Americans.
The senator advocates a series of measures, from improving access to
retirement plans at work to modernizing Social Security that he says "would
dramatically increase retirement income." Conrad added "the estimates are it
would increase the retirement income in this country over the next 40 years
by 50%."
Conrad supports the ongoing efforts on Capitol Hill to reform the private
retirement system, especially measures to make it easier for small
businesses to offer plans. But he added that “the elephant in the room is
Social Security” which could be depleted in 16 years, according to a recent
report by the program’s trustees. “I would say the number one challenge
is securing Social Security,” he said.
In the months ahead, a number of partners of the Funding our Future campaign
from across the political and business communities will appear on Yahoo
Finance to discuss some of the challenges facing the U.S. retirement system.
Ben Werschkul is a producer for Yahoo Finance in Washington, D.C. |
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