Everyone should be worried about Social Security and 401(k) plans — including the presidential candidates
MarketWatch reports that “Democratic candidates have voiced their opinions on climate change, universal health care and the current president for months, but Tuesday marks the seventh and last debate before primary voting begins — and they still haven’t talked much about Americans’ future financial security.”
Although their positions may be similar, considering they’re all Democrats, it would help to hear blueprints for how to bolster Social Security, such as proposals to avoid cutting benefits or even if they think it’s possible to expand the program, she said. About 40% of older Americans rely on Social Security alone in retirement, according to the National Institute on Retirement Security. Social Security benefits typically replace 40% of preretirement income, though advisers suggest retirees should have enough income (between savings, Social Security and other sources) to replace 70% of their previous salary. The estimated average Social Security retirement benefit in 2020 is $1,500 a month, according to AARP.
Statement on Efforts in Alaska to Restore Pension Benefits to Address Grave Workforce Shortage
Alaska’s effort to restore a pension plan for public workers represents meaningful progress in addressing one of the state’s most pressing challenges: attracting and retaining a stable, experienced public workforce. While Governor Dunleavy has vetoed the legislation, the fact that the measure passed both the House and Senate demonstrates a growing recognition that retirement benefits are not just about retirement security — they also are an essential workforce management tool.
