Aspen is a place for leaders to lift their sights above the possessions which possess them. To confront their own nature as human beings, to regain control over their own humanity by becoming more self-aware, more self-correcting, and hence more self-fulfilling.
As Americans live longer and increasingly rely on 401(k) plan savings as a prominent source of income in retirement, they will need to find ways to convert their savings into income that lasts a lifetime. Because the financial situations and goals of American savers are diverse, they will need a variety of products and services to secure their income. The Aspen Institute Initiative on Financial Security has developed “Security Plus Annuities,” a proposal that partners private industry with the Social Security Administration to offer low-cost, inflation-protected, “starter” life annuities. Security Plus Annuities would offer all Americans the ability to achieve greater financial security in retirement and would provide immediate assistance to two groups of Americans who have critical unmet needs for longevity-protected products: low- and moderate-income workers who frequently have not had access to a 401(k) plan at work, and near retirees whose work-based plans don’t currently offer lifetime income products.
The retirement landscape is at a critical juncture, and it’s created a global opportunity — and responsibility — for us all. Evolving workplace retirement plans, increasing longevity, and changing workforce dynamics create even more demand for secure investment products and lifetime income solutions. Through hybrid approaches, innovative financial products, and a focus on financial education, we can ensure that the future of work includes the future-ready resources that people need to live better lives, longer.
On Thursday, December 19, 2019, Congress passed legislation that signals a strong, bipartisan commitment to improve American retirement security, the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
October 23, 2019The Aspen Institute Financial Security Program lays out ways industry leaders and policymakers can improve Americans’ retirement outlook, including expanded access to plans and help with emergency savings.
The Aspen Institute Financial Security Program convened its third annual Leadership Forum on Retirement Savings in April. More than 70 experts and industry leaders gathered in Warrenton, Va., to share, evaluate, and refine solutions to the nation’s retirement crisis.
This promising bipartisan legislation addresses some of the most critical challenges facing the US retirement system, including coverage, portability, and lifetime income.
