Pursue multiple strategies—a variety of strategies are needed to assure financial security in retirement. A strong Social Security system and protection of pension promises are vital. Workers need effective retirement plans and savings vehicles throughout their working lives. People should be free from employment discrimination.
Improve access and adequacy—all workers should have access to savings vehicles that provide financial security and stability. These tools must have reasonable costs and mitigate existing racial and economic disparities. They should be available to all workers, regardless of industry, employment status, or occupation.
Ensure equity—savings subsidies, incentives, and structures should be distributed equitably and effectively. Particular attention should be paid to people who have the most difficulty saving.
Recognize diversity—savings approaches must address people’s various needs and circumstances. Access to financial institutions must be guaranteed to all. Solutions should build on existing cultures of savings and financial security for older people and their families.
Protect and empower consumers—savers throughout the lifespan deserve clear choices. They need appropriate and accurate guidance, and the ability to rely on commitments made by employers.