A proposal says this new account will help older Americans live with dignity.
Many Americans haven’t saved enough for retirement, and end up relying on Social Security to fund their old age. For some, Social Security makes up 90% of their retirement income. For others, it could be about 50%. This federal program, which doles out an average monthly benefit of about $1,500, was never meant to be the sole source of retirement income for older Americans. One recent proposal aims to change that.
The program, called the T.R.U.S.T. Fund for America , looks like this: when born, every baby receives $7,500 in an account managed by an independent agency of the federal government. The money is placed in a new type of EE Savings Bond, called the “T.R.U.S.T. EE” Bond, which would be issued by the Treasury Department. The total amount of bonds issued would be about $29 billion a year, assuming about 4 million babies are born, and would be self-funding, he said.
If someone were to die before turning 100, the leftover funds in that account would be returned to the Treasury Department to be distributed to those who live to be older than 100.
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