(Bloomberg) -- President Obama wants to give low-wage workers a new way to save for retirement. His proposal might do some good -- not by helping workers, most of whom are unlikely to take advantage of it, but by spurring a discussion about how to fix a broken retirement system.
Its beyond dispute that the system is failing. Only 1 in 2 workers has access to a retirement plan through an employer. Half of Americans arent saving anything at all for retirement. And Social Security benefits, which averaged $1,269 a month in 2013, are barely enough to keep people out of poverty.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access