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The Old-Age, Survivors, and Disability Insurance Trust Funds should maintain a minimum reserve of one and a half to two years as a cushion against an economic downturn.
If changes are made to Social Security that extend the life of the trust funds, Congress could authorize the investment of a portion of the Social Security reserves in investments other than Treasu
Policymakers should increase the percentage of wages subject to the payroll tax at least to historically intended levels and otherwise increase the progressivity of the Social Security financing sy
Modifications to retirement plans or plan formulas should hold harmless current beneficiaries and employees. They should also ensure the retirement security needs of future retirees.
Policymakers should adopt new and expanded progressive savings incentives.
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.
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