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☆ What's so great about Australia's retirement plan — and what it means for America
  + stars: | 2024-04-16 | by ( Allie Kelly | ) www.businessinsider.com   time to read: +8 min
Australia's superannuation system mandates employer-funded retirement contributions. Meanwhile, the US retirement system has become anxiety-inducing for many, as older adults struggle to make ends meet. AdvertisementAustralian retirement system puts saving responsibility on employers, not employeesAmerica's current retirement infrastructure includes two major categories: defined contribution plans and Social Security. This differs from the American system, where retirees' money is often held between a 401(k), other accounts, and outside investments. Still, Reilly cautioned that applying Australia's retirement system to the US could negatively affect employee wages.
Persons: —, Sen, Bernie Sanders, Catherine Reilly, Reilly, Larry Fink, Fink Organizations: Service, Challenger Limited, Money, TIAA Institute, Georgetown University's Center for Retirement, Social Security, BlackRock, Employers, Pew Charitable Trust Locations: Australia, America, California, Colorado
☆ The racial retirement savings gap remains wide – How these state IRA programs are working toward equity
  + stars: | 2023-02-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
Indeed, about 64% of Hispanic workers, 53% of Black workers and 45% of Asian American workers have no access to a workplace retirement plan, according to AARP. State-facilitated individual retirement account savings programs have stepped in to attempt to close that racial savings gap. As of the end of January, there were more than $735 million in assets in these state-facilitated retirement savings programs, the center found. How it worksRather than competing against large corporate retirement plans, state-facilitated retirement savings programs turn their focus toward an underserved corner of the market: small businesses. Most of these state programs require businesses to either offer a workplace retirement plan or to help automatically enroll their workers into the state's program.
☆ As state-run retirement programs become more popular, participants are expected to have $1 billion in savings this year
  + stars: | 2023-01-15 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +5 min
Within the last decade, 16 state legislatures have adopted retirement-savings programs targeting workers whose employers don't offer a 401(k) plan or similar option. Contributions to Roth accounts are not tax-deductible, as they are with 401(k) plans or similar workplace options. "We've seen a growth of new 401(k) plans in those states that have adopted auto-IRAs," said John Scott, director of Pew's retirement savings project. Limitations to the state programsThere are limitations to the state programs. For example, they do not provide a matching contribution as many 401(k) plans do.
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