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Jacques Lussier
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“although Reynolds indicates that the three major tasks that must be completed to improve the retirement system are (1) making Social Security solvent, (2) extending workplace savings options available to all working Americans, and (3) aiming for a savings rate of 10% or more, the specific details about how we can and should more efficiently implement private-sector solutions are important.”
― Secure Retirement: Connecting Financial Theory and Human Behavior
― Secure Retirement: Connecting Financial Theory and Human Behavior
“Despite the prevalence of DC plans, 44% of working households have no accumulated savings in a DC plan, and 39% do not even have access to such a program. The situation is worst for low-income working households, as only 25% of households in the lowest quartile of income have accumulated any assets within a DC plan, whereas 81% of households in the top quartile of income have. The discrepancy is significantly explained by plan access. Only 40% of low-income households have access to DC plans, whereas 84% of high-income households do (Government Accountability Office 2017). Another factor is ability, or perceived ability, to make contributions; the data show, obviously, that many lower-income households with access to a DC plan have not contributed to it.”
― Secure Retirement: Connecting Financial Theory and Human Behavior
― Secure Retirement: Connecting Financial Theory and Human Behavior
“According to a survey conducted by Charles Schwab (2017), however, 40% of individuals spent five hours or more planning their next vacation but only 16% spent as much time researching their 401(k) options. If we are to instill a greater sense of priority about retirement planning among future retirees, whether they have access to a DC plan or not, more must be done to communicate the relevance of this effort and explain how it can be achieved most efficiently”
― Secure Retirement: Connecting Financial Theory and Human Behavior
― Secure Retirement: Connecting Financial Theory and Human Behavior
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