While a 50-50 “balance” between increasing revenue and changing Social Security benefits may lie in the future, if a policy group’s findings has its way, the members agree that one factor that must be improved to boost retirement security in the United States is to increase workers’ access to retirement plans.
A report by the Washington-based Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings has come up with 16 proposals to do just that, since — in the words of the report— “[w]orkers have found themselves part of a great experiment” as employers have shifted from defined benefit plans to defined contribution plans. This has pushed workers into having to bear “far more … responsibility for financing their own retirement, and simultaneously exposed them to greater risk.”
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