Why everyone can get behind ‘American Dream’ accounts
Earlier this month, Philadelphia voters passed a city-sponsored retirement plan for workers without a 401k or other employer-sponsored savings plan. Workers can opt out, but by default, every worker without an employer plan will begin saving into an IRA that they own. This policy, supported by a democratic mayor and democratic electorate, is similar to state-sponsored programs in 15 states. This problem is bigger than Philadelphia — it’s national. According to AARP, 57 million Americans do not have a retirement plan at work. Everyone agrees: Americans are not saving enough. And ...