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The Impact of Guaranteed Retirement Accounts on the Retirement Crisis

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Abstract

Guaranteed Retirement Accounts (GRAs), proposed in the 2018 book Rescuing Retirement by Teresa Ghilarducci and Tony James, are universal individual accounts funded throughout a worker's career by employer and employee contributions and a refundable tax credit. If GRAs were implemented in 2018, 1.5 million seniors would be saved from poverty or near poverty by 2025. This increases to 3.6 million seniors by 2035 and 8.1 million seniors by 2045.

Suggested Citation

  • Teresa Ghilarducci & Michael Papadopoulos & Anthony Webb, 2018. "The Impact of Guaranteed Retirement Accounts on the Retirement Crisis," SCEPA policy note series. 2018-05, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepapn:2018-05
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    File URL: https://www.economicpolicyresearch.org/images/GRA_Impact_Policy_Note.pdf
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    More about this item

    Keywords

    Retirement; savings; Pension; Retirement Plans; Benefits; Poverty;
    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
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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