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Aging Gracefully: Ideas to Improve Retirement Security in America

As workers near retirement age, they become more concerned about their retirement security; millions of American workers do not have retirement saving plans. The last three decades have brought great changes in the pension system—from defined benefit plans toward defined contribution account such as 401(k)s and Individual Retirement Accounts (IRAs). American workers need to be better prepared for this period of their lives. In Aging Gracefully, Peter R. Orszag, J. Mark Iwry, and William G. Gale offer a series of common sense policies to provide solutions to help households prepare for retirement. The authors assert that changes in four policies such as automatic 401(k)s, creating automatic IRAs, strengthening tax incentives for middleand lower-income workers, and eliminating barriers to saving would improve the pension system for middleand lowerincome families. The volume gathers a collection of essays that draw attention to ideas showing ways to increase retirement savings in the USA. In the introduction, ‘‘Common Sense Reforms to Promote Retirement Security,’’ Peter R. Orszag illustrates that during the last 25 years the ways in which Americans save for retirement have changed, and workers bear more responsibility for preparing for their retirement. He argues that retirement security can be improved and strengthened substantially through a series of common-sense reforms that would make the defined contribution pension system easier to navigate and more rewarding for American families. He also represents four key policy changes to improve retirement security for middleand lower-income classes: (1) automating 401(k) plans to reduce the decisionmaking burden on workers; (2) creating an ‘‘automatic IRA’’ for workers not offered a 401(k) plan; (3) revamping the existing Saver’s Credit so that it provides a more effective and transparent matching incentive for retirement contributions; and (4) reducing the steep and confusing implicit taxes on retirement saving often imposed through means-tested benefit programs such as food stamps, Medicaid, Supplemental Security Income, and cash welfare assistance. Chapter 2, ‘‘The Automatic 401(k): A Simple Way to Strengthen Retirement Savings,’’ by the editors (William G. Gale, J. Mark Iwry, and