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State Guaranteed Retirement Accounts: A Low-Cost, Secure Solution to America's Retirement Crisis

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Abstract

The share of workers without any retirement plan at work has risen dramatically over the past decade. We propose states offer all workers a voluntary, low-fee, low-risk, State Guaranteed Retirement Account (State GRA) to help boost savings for retirement. State GRAs are individual accounts where benefits at retirement are based solely on contributions and returns. The major features of the State GRA proposal include consistent contributions, pooled investments, guaranteed returns, portable accounts, lifelong retirement income, independent administration, and public investment management.

Suggested Citation

  • Teresa Ghilarducci & Robert Hiltonsmith & Lauren Schmitz, 2012. "State Guaranteed Retirement Accounts: A Low-Cost, Secure Solution to America's Retirement Crisis," SCEPA publication series. 2012-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2012-04
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    File URL: https://www.demos.org/sites/default/files/publications/StateGRAReport-1.pdf
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    More about this item

    Keywords

    Retirement; Social Security; Unemployment; Older Americans; GRA;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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