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Retirement Savings: Confronting the Challenge of Longevity
October 26, 2010
Financial Security Program
As the world of defined contribution retirement savings has grown, and with the potential vast expansion of private retirement savings through automatic IRAs, the majority of savers now nearing retirement and in the generations to come will have nest eggs, which they will have primary responsibility for managing during retirement. Providing Americans the tools to manage the risk of outliving one’s savings in retirement will be a major challenge of the 21st century.
This white paper is is intended to describe how U.S. retirement policy arrived at this crossroad and to highlight some of the tensions and past choices that have brought the system to this turning point. The paper focuses on three areas of inquiry regarding the challenge of longevity at this point in time: employer plans, people and industry products. Understanding the journey the defined contribution plan system has made to this point in time is the first step toward charting its direction for the future.
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.
