Andrew Yang Policy on MAKE IT EASIER TO SAVE FOR RETIREMENT

[Sherman A1]

Most Americans want to do more to save for retirement, but they don’t know how. It’s also always easier to say, “I’ll start tomorrow,” when the expenses of today crop up.

The government should help people who want to do more to prepare for their future.

There should be opt-in retirement accounts that have defined contributions that automatically increase with people’s incomes. By opting in, an individual could define a portion of their income to be dedicated to this tax-free account, and as their income increases, or at regular intervals, the amount could be automatically increased.

"It’s very hard to save for retirement years from now, and accounts seem very complex. Yet the earlier you start, the better off you’ll be. We need to help Americans simplify their financial lives by making retirement savings self-activating. It’s a lot easier to save money if it’s automatically being done for you."

https://www.yang2020.com/policies/telescoping-retirement-accounts/

[InAbLuEsTaTe]

1. Yang is one clever guy... gotta love his original thinking!!

Bernie & Elizabeth 2020!!!
Welcome to the revolution!!!

[Hoyt]

2. I like such ideas, but where will it be invested? If the investment is a dog,

will the authority say “too bad” or cover loses from others?

Honestly, we pretty much have that now with IRAs, 401Ks, etc., assuming someone has the money to set aside.

[Sherman A1]

3. One has to assume that he understands that 401k's and IRA's exist

so this would be a new vehicle of some sort. That and the Universal Basic Income he proposes would make it easier to not only cover the monthly expenses but also put some away for retirement.

[Hoyt]

4. If I had the money, I could set up an IRA that would automatically take money out of my

checking account once a month, every quarter, even two or three times a day. The mechanism is already there to do what he is suggesting. So, it's really not a bold new proposal.

Now, the Universal Basic Income is a biggy. In fact, why not just extend the UBI through retirement.