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Congress should make improvements to the saver’s credit. The credit should be phased out gradually and smoothly as income increases. Income limits for receiving the credit should be increased.
People are more likely to save when saving occurs automatically through mechanisms such as payroll deductions. Only about half of U.S. workers have access to an employer-sponsored retirement plan.
States should establish state-facilitated savings arrangements that will increase employee participation in retirement plans.
Congress should pass legislation establishing an Auto IRA and resolve the technical issues that will allow this vehicle to realize its full potential.
Policymakers should create and expand supplemental individual retirement savings accounts that would enable workers to accumulate retirement savings in addition to Social Security’s guaranteed bene
Policymakers should encourage measures to increase individuals’ ability to save for retirement.
People need support for nonretirement savings and debt repayment. Such assistance can help improve financial security and preserve resources for retirement.
Policymakers should allow employers to provide student loan-repayment aid as a tax-free benefit.
Consumers should have access to a range of safe, reliable, affordable, and customizable emergency and short-term savings options.
Policymakers should explore new, more consumer-centered systems for providing low-income assistance.