Commentary: Without a national retirement policy, Americans face a future of pension crises
David S. Blitzstein
David Blitzstein
The last time Congress thought holistically about U.S. retirement policy was 40 years ago in 1981. The ill-timed President s Commission on Pension Policy established under executive order by President Carter in 1979 issued its report in early 1981, only to be discarded by the incoming Reagan administration and forgotten by future presidents and Congresses.
Perhaps it is time to revisit that forgotten report. The commission called for mandatory employer contributions at a minimum of 3% of payroll for every employee over age 25 and 1,000 hours of employment (the so-called minimum universal pension system or MUPS) to be administered in employer pension plans or through a clearinghouse managed by the Social Security Administration; enactment of a Public Employee Retirement Income Security Act for state and local government plans modeled on ERISA; legislati
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How Much People Have Saved for Retirement at Every Age
How do your retirement savings stack up against those of your peers?
This story originally appeared on NewRetirement.
Keeping your retirement savings on track helps you meet your retirement goals. That seems like a very simple concept, and in a way it is. But living with that plan every day isn’t quite so simple.
Knowing how much one should save for retirement is useful it can motivate you to take action. And it can be interesting to compare your savings to the average savings rates for every age.
Why You Need to Save for Retirement
Looking down their nose at you : GameStop frenzy showed a fresh contempt for hedge funds. Why do Americans hate them? Jessica Menton, USA TODAY
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In the middle of a pandemic and slow economic recovery, Americans think they’ve identified their Wall Street villain: hedge funds.
Their nemesis is summed up in a few searing images: a hedge fund manager who makes millions betting that the subprime mortgage market will collapse, without warning them. Or another relaxing on a yacht as the economy tanks.
Years of anger culminated late last month when a group of angry small-time investors on Reddit took on a few of those firms in the GameStop “short squeeze” frenzy. That spurred millions of others to join in, as their effort to drive up the price of a stock perceived as undervalued soon shifted to a campaign to “Stick it to Wall Street. They used the squeeze to rally the share price and make profits for themselves while forc
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