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U.S. Retirement System Reforms Proposed by Pension Research Council and Brookings Institute

U.S. Retirement System Reforms Proposed by Pension Research Council and Brookings Institute

The Pension Research Council (PRC) and the Brookings Institute are co-hosting a livestreamed event titled 'The Next Generation of Reforms to the Retirement Saving System.' This event, scheduled for Wednesday, September 30th, from 9:45 AM to 11:35 AM (ET), will feature discussions on evidence-based proposals for SECURE 3.0. PRC Executive Director Olivia S. Mitchell is among the panelists who will be presenting these proposals, which represent a potential new wave of U.S. retirement policy reforms. The initiative aims to address current challenges and improve the long-term sustainability and effectiveness of the retirement saving system in the United States.

America's retirement 'magic number' just hit another record

America's retirement 'magic number' just hit another record

Most people have a retirement number in their head. A new record shows how fast that number keeps moving.

IRS Notifies Taxpayers About New Saver's Match Retirement Benefit

IRS Notifies Taxpayers About New Saver's Match Retirement Benefit

The IRS has begun sending notices to taxpayers who may be eligible for the new Saver's Match program, a retirement benefit authorized by the 2022 Secure 2.0 retirement legislation. This program, set to debut in the 2027 tax year, will provide income-eligible retirement savers with a matching annual contribution of up to $1,000 for single filers and $2,000 for joint filers. The IRS sent CP321J notices to individuals who claimed the previous saver's credit on their 2025 tax return or whose 2025 income fell within the eligibility range. The benefit applies to savings in workplace plans like 401(k)s or individual retirement accounts. Taxpayers will claim the Saver's Match using a new Form 8880-A when filing their 2027 tax return in 2028. This initiative aims to replace the existing saver's credit, which was a nonrefundable tax credit that could only reduce a tax bill to zero, offering minimal benefit to low-income households with little to no tax liability.

Understanding Life Insurance: Term vs. Whole Life Policies

Understanding Life Insurance: Term vs. Whole Life Policies

Understanding Life Insurance: Term vs. Whole Life Policies

Retirees Face Psychological Barrier to Spending Savings Despite Financial Security

Retirees Face Psychological Barrier to Spending Savings Despite Financial Security

Retirees Face Psychological Barrier to Spending Savings Despite Financial Security

Gen Z Entrepreneurs Advised to Prioritize Demand Validation and Realistic Budgeting Before Launching Businesses

Gen Z Entrepreneurs Advised to Prioritize Demand Validation and Realistic Budgeting Before Launching Businesses

Gen Z Entrepreneurs Advised to Prioritize Demand Validation and Realistic Budgeting Before Launching Businesses

Understanding Stock Market Investing: Mechanisms, Advantages, and Disadvantages for U.S. Investors

Understanding Stock Market Investing: Mechanisms, Advantages, and Disadvantages for U.S. Investors

Understanding Stock Market Investing: Mechanisms, Advantages, and Disadvantages for U.S. Investors

Poverty Rate Among Older Americans Rises, AARP Foundation Survey Reveals

Poverty Rate Among Older Americans Rises, AARP Foundation Survey Reveals

A new survey by the AARP Foundation indicates a concerning trend: the poverty rate among older Americans has been steadily rising for five consecutive years, bucking the national trend of declining poverty. This survey focuses on low-income older adults, including those in the crucial years before retirement (ages 50 to 64), to understand their financial struggles. Claire Casey, President of the AARP Foundation, reported that over 60% of respondents worry about affording food, and more than 40% experienced food shortages in the past month. Additionally, most older adults surveyed lack sufficient savings to cover a $500 emergency expense, and nearly a third reported a significant drop in household income recently. These findings suggest that older low-wage workers are particularly vulnerable to economic shocks and long-term unemployment.

Proposed H-1D Visa Aims to Address U.S. Direct Care Worker Shortage for Aging Population

Proposed H-1D Visa Aims to Address U.S. Direct Care Worker Shortage for Aging Population

Tara Watson of the Brookings Institution has proposed the creation of a new temporary employment-based visa, the H-1D, specifically for direct care workers. This visa aims to address the growing shortage of direct care professionals in the United States, a need exacerbated by the rapidly aging population. The H-1D visa would be available to immigrants with at least two years of direct care experience, including those already residing in the U.S. and new immigrants. Structured similarly to the H-1B visa, it would offer an initial three-year term with renewal options and would be dual-intent, allowing for the possibility of applying for legal permanent residence after six years. Dependents would also be included. The proposal includes safeguards against exploitation, support for training and professional development, and an initial annual allocation of 65,000 visas, projected to meet about 35% of the needed growth in the direct care workforce over a decade. A commission would periodically review the numerica...

Study Reveals Majority of U.S. Workers Expect to Restrict Spending in Retirement

Study Reveals Majority of U.S. Workers Expect to Restrict Spending in Retirement

Study Reveals Majority of U.S. Workers Expect to Restrict Spending in Retirement

Social Security's biggest check locks out most retirees

Social Security's biggest check locks out most retirees

A single income threshold separates most retirees from the program's highest benefit.

Vanguard flags a sobering debt gap facing most heirs

Vanguard flags a sobering debt gap facing most heirs

The typical inherited retirement account falls $35,000 short of what the heir owes.