Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare.
Sentiment: NEGATIVE
We can't get to the $4 trillion in savings that we need by just cutting the 12 percent of the budget that pays for things like medical research and education funding and food inspectors and the weather service. And we can't just do it by making seniors pay more for Medicare.
Americans are not saving enough for retirement.
Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.
I'd like Americans to save their money, and not get taxed on their savings.
Social Security is the only thing most Americans can count on to keep them out of poverty during retirement.
Voluntary personal savings accounts would enable future retirees to harness the power of the marketplace when saving for their retirements.
It has long been said the only things in life that are certain are death and taxes. Automatic enrollment for insurance of 401k loans would add an additional certainty. Fewer Americans would suffer the unnecessary loss of retirement savings due to unanticipated and untimely misfortune in an already stressful time of need.
We have so many people retiring that we do not have enough people paying into the system to be able to provide the benefits for those collecting those benefits.
We can't be paying pensions to the next generation of federal workers when hardly anyone in the private sector gets them.
The highest-income Americans don't need tax-free health insurance, mortgage interest deductions or deferred taxation on retirement funds.