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David C. John is a senior strategic policy advisor at the AARP Public Policy Institute focusing on pension and retirement savings issues. John also serves as the deputy director of the Retirement Security Project at the Brookings Institution.
AEI’s Andrew Biggs has a proposal to help more people save for retirement. Writing for Real Clear Markets, Biggs proposes to require all employers who offer their employees a retirement savings plan like a 401k to use automatic enrollment. Workers whose employers don’t offer such a plan would have “access” to the Thrift Savings Plan (TSP), the retirement savings plan for federal employees. Biggs says that his proposal is “more about making government work better, than about making it larger”. …
How much in retirement savings do I need for a secure retirement? Is $100,000 enough? How about $700,000? Even more importantly, how much monthly income can I count on those savings providing to supplement my Social Security benefits? These are questions most of us have no idea how to answer. A soon-to-be-proposed regulation from the Department of Labor should help. It would require that statements from 401(k)-type accounts provide an estimate of monthly retirement income from savings in the …