I don't like this administration, but I have to give them credit this time.

A sensible plan by the Obama White House. Probably doesn't have a snowball's chance in hell of making it through congress.

http://www.heritage.org/Research/Economy/wm2798.cfm

February 5, 2010
Automatic IRA Builds Retirement Security
by David C. John
President Obama's FY 2011 budget contains at least one common-sense idea that could help to increase Americans' retirement security: the Automatic IRA.[1]This simple, easy-to-understand way for workers to save some of their own money each payday is important, because almost 78 million American workers--about half of all workers--are employed by companies that do not offer any sort of pension plan or 401(k)-type retirement saving plan.

Automatic Features Help to Increase Retirement Savings

The Automatic IRA is designed to help fix this problem. It uses automatic enrollment techniques that have already helped to boost saving in 401(k) plans. Under this method, employees need do nothing if they want to participate. Unless they specify otherwise, they will be automatically enrolled in the Automatic IRA, they will contribute a set proportion of their income, and their money will go into a specific fund. However, the worker still retains full control and can choose to save more or less, send his or her money to a different investment fund, or even refuse to participate at all.

 

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