Tip of the Week

Five New Ways to Improve America’s Retirement Security

The federal government is focused on avoiding a retirement crisis and hoping to move business owner and plan participant behavior in the correct direction. However, despite positive strides over the last 20 years (including the recently enacted SECURE Act), more needs to be done.

Some possible changes that the government can and should make include: promoting longevity annuity contracts; crafting measures to avoid the premature claiming of Social Security benefits; adjusting the summary plan description to incorporate retirement income concepts; disseminating information about elder abuse; and taming future inflation.

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