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American Academy of Actuaries Releases Brief on National Retirement Policy and Principles
On July 11, 2019, the American Academy of Actuaries (AAA) released its issue brief, National Retirement Policy and Principles. The brief was developed by the Academy’s Retirement System Assessment and Policy Committee and examines various elements of a national retirement policy. In addition, it provides potential approaches to the principles of a national retirement policy, including: availability, adequacy, risk allocation, treatment of different income levels, use of incentives, individual choice, cost, portability and leakage.
Some key highlights include:
- For the majority of Americans, there is an increasing concern about having adequate and reliable retirement income.
- Currently, many individuals rely on a combination of Social Security, employer-sponsored retirement plans, and/or personal savings to fund their retirement needs.
- There is a growing need for the establishment of a comprehensive national retirement policy with guiding principles for the U.S. retirement system.
The brief is available here.