Split Refund and Saver's Credit: Two Better Ways to Save for Retirement
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The Automatic 401(k): Enhancing Retirement Security for All Americans
The Retirement Security Project has released a new Fact Sheet highlighting the Automatic 401(k), a simple tool that takes the complexity out of saving for both employees and employers.click to download (49k)
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The Retirement Security Project Policy Proposals
A new fact sheet summarizes Retirement Security Project research-based policy solutions aimed at helping middle- and low-income Americans to better prepare for a financially secure retirement. click to download (32k)
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What Others Are Saying about the Automatic IRA
Find Out What Others are saying about the Automatic IRAclick to download (158k)
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Automatic IRAs: Extending Retirement Saving Opportunities to 75 Million More American Workers
This policy fact sheet describes the steps that employers can take to facilitate employee saving for the nearly 1 out of every 2 workers - 75 million working Americans - who have no employer plan and thus no effective way to save at work. This fact, a steadily declining saving rate since the 1980s, and the expectation that social security will not provide increased benefits, exacerbate the problem of inadequate retirement saving. Research and experience both point to a simple and effective solution: the Automatic IRA.
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Automatic Savings Vehicles: Pointing Workers and the Economy in a Pro-Saving Direction
The Retirement Security Project estimates that making saving easier and increasing incentives to save for middle- and low-income households could increase net national saving by roughly $75 billion a year.click to download (338k)
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The Automatic 401(k): A Simple Way to Strengthen Retirement Savings
By Brigitte C. Madrian, Harvard University. November 21, 2006. RSP Forum on Automatic Saving. click to download (281k)
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Fast Facts on Retirement Security
Retirement Security
Access: Among the 153 million working Americans in 2004, only 49 percent (under 75 million) worked for a company that offered a 401(k) plan.
Lack of Participation: Out of all workers eligible to participate in a 401(k), only 79 percent chose to do so in 2004.
Starting to Save too Late: While the typical person joins the workforce around age 22, most do not begin to participate in a company sponsored retirement plan (like a 401(k)) until age 41.
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Information on the Cost, Revenue Effects and Distributional Effects of Changes to the Saver's Credit
Appendix A of The Retirement Security Project Policy Brief No. 2005-02, "The Saver's Credit: Expanding Retirement Savings for Middle-and Lower Income Americans." The appendix contains tables with information on the cost, revenue effects and distributional effects of changes to the Saver's Credit.click to download (57k)
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Retirement Assets and the 2004 Survey of Consumer Finances
Documents contains tables with retirement asset data culled from the 2004 Survey of Consumer Finances.click to download (182k)
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New - 4/4/2006 Fast Facts on Automatic 401(k)
Automatic 401(k)
Automatic Enrollment: Adding automatic enrollment to a company plan has been found to increase plan participation among new hires from 49 percent to 86 percent.
Automatic Escalation: Employee contributions would automatically increase in a preset manner so that as the employee's earnings increase the contribution rat rises accordingly.
Automatic Investment: Most individuals are overwhelmed by investment choices. With automatic investment, funds would by default be invested in balanced, prudently diversified, low cost vehicles.
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Fact Sheet: Retirement Security for Latinos
This policy fact sheet is based on "Retirement Security for Latinos: Bolstering Coverage, Savings, and Adequacy," by Peter R. Orszag and Eric Rodriguez. The larger report contains additional information and recommendations, as well as sources for the statistics cited here.click to download (26k)
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Fact Sheet (Spanish Language version): Retirement Security for Latinos
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Fact Sheet: Protecting Low-Income Families' Retirement Savings
The eligibility rules for certain means-tested programs like Food Stamps and Medicaid often discourage saving for retirement by people who are potentially otherwise eligible for and may need these programs. By excluding 401(k) and IRA savings from these asset tests, we would increase the likelihood that lower-income earners will save for retirement. Those who do the right thing by saving should not be excluded from programs that help so many Americans make it through hard times.click to download (77k)
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Chart on Impact of 401(k) Auto Enrollment
A study found that adding automatic enrollment to a 401(k) plan boosted enrollment for new hires from roughly 49 percent to 86 percent. The gains are even more striking for those population groups least likely to save.click to download (35k)
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RSP Scorecard for the Pension Bill
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