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J Aging Soc Policy. 2010 Apr;22(2):222-35. doi: 10.1080/08959421003621853.

How to supplement Social Security fairly and effectively.

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Department of Economics, The New School for Social Research, New York, New York 10003, USA.


Over the past 3 decades, the base upon which Americans obtain income for retirement has become increasingly tied to fluctuations in the financial markets. Because Social Security provides a small percentage of pre-retirement income in retirement, most of the nation's workers need a supplement to Social Security. This study demonstrates the failure of the 401(k) system and advances a bold, but realistic, solution to America's crumbling retirement system: guaranteed retirement accounts (GRAs), a universal government program that supplements Social Security by providing guaranteed rates of return, by locking up balances until retirement, and by mandating annuities at retirement-with survivor's benefits. The GRA plan is compared to other proposals, including President Obama's, which aims to expand the voluntary, commercial, individually directed account-based system.

[Indexed for MEDLINE]

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