Millions of working people across the country face the frightening prospect of aging into poverty rather than retiring with dignity.
The lack of retirement security for middle-class and low-wage workers is a growing crisis that Washington has refused to address, even though it demands immediate attention.
Businesses could easily enroll their employees in this pooled retirement plan through their existing payroll systems, the same way they enroll workers in Social Security. No administrative fees for the plan would be charged to businesses, so employers’ overall costs would be dramatically lower than what they currently pay for 401(k)’s, if that option is even available. This would save the average working couple an estimated $150,000 over a lifetime, according to a study by the independent research group Demos.