The legislation addresses big problems with baby steps.
In December 2019, Congress passed the Secure Act, the first major piece of pension legislation since the Pension Protection Act of 2006. Proponents have characterized the passage of the Secure Act as “a great victory for plan sponsors and American workers.”
On the coverage front, the problem is that, at any moment in time, less than half of private sector workers are participating in an employer-sponsored retirement plan. Some may pick up coverage at some point in their worklife, but their balances will be very small. Others will have to rely only on Social Security, a program that is replacing a declining share of preretirement income.
The other major issue is that 401 participants face a major challenge in figuring out how to draw down their assets — if too fast, they exhaust their resources; if too slow, they deprive themselves of necessities. Increasing the share of withdrawals in the form of annuitized income could help.
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