No one-size-fits- all solution: The goal of pension sustainability is key

My pop was a Buffalo city bus driver for 25 years.  Just like millions of Americans – firefighters, nurses, teachers, and other public employees – Pop worked hard and counted on having his pension to help retire with confidence and dignity.  The long-term sustainability of today’s public pension programs is just as critical to millions of Americans. Today, I have encouraging news for public employees.  A new report, Significant Reforms to State Retirement Systems, issued by the National Association of …

Nearly 1 Million More Workers Can Save for Retirement … Millions More to Go!

May is proving to be a historic month for both workers and employers across the country! Since I last wrote on this topic in February, we at AARP have continued to fight hard to establish Work and Save plans in the states, a convenient way for millions of workers to save for retirement through an easy payroll deduction. And we have great news to report! Last week, Gov. Larry Hogan (R) took a monumental step toward helping to ensure a …

Savers Need a Projection of Their Full Retirement Income

Individuals need better information to know how much to save for retirement. A good place to start is to provide them with a projection of their total retirement income that includes the monthly income they can reasonably expect from their retirement savings and their Social Security benefits. This combined estimate needs to be on one statement. Fifty-nine percent of U.S. savers in one poll reported being very or moderately afraid that they will not have enough money in retirement. That …

Retirement Savings Loophole Closed

En español | According to the Council of Economic Advisers, last year alone, a retirement savings advice loophole cost Americans $17 billion as a result of extra fees. Fortunately, the Department of Labor last week unveiled a new rule finally closing a loophole that allowed some financial experts to give advice that was in their own  interest — rather than the best interest of hardworking Americans. Why did this loophole exist? The original guidelines for financial advice under the Employee …

Political Dodgeball: Updating Social Security

En español | You may have played dodgeball as a child. If you didn’t, the premise is pretty simple: Dodge any ball that is hurled in your direction while trying to throw balls at other players to knock them out of the game. The last two people in the game usually square off in some form of “chicken,” and the last person standing wins. Sounds eerily reminiscent of our political process for the presidency too, doesn’t it? Avoid specifics and …

We the People vs. Wall Street

The story of David and Goliath is usually told when someone who is facing daunting odds and isn’t supposed to win does just that — wins. Whether it’s an underrated Cinderella story in March Madness, the Cubs and the World Series — if they ever get there again — or when Wall Street actually loses to “we the people.” These stories are sadly all too few. But today we scored one for the little guy: The Obama administration finalized the …