Teresa, the person to whom I am married, made the insane suggestion that if I was uncertain about what Obama meant in his budget speech about the "savings plan", then I should, you know, actually look it up. As she is distressingly right most of the time, I did.
It's here http://www.whitehouse.gov/agenda/seniors_and_social_security/ under the rubric "Strenthening Retirement Savings"
Essentially, it requires that employers offer IRAs to all employees--who can opt out if they want to.
Families that make less than a certain amount will have 50% of the first $1000 in savings matched by the Feds.
I have to think about it.
Right now, it seems unthinkable that anyone would propose that such a system replace social security, but if good times return again...I wonder if there are safeguards could/would be built in, like the FDIC for bank deposits. My first thought is that the idea needs tinkering to make it to where it would be, in effect, a defined benefits plan.
R.
http://gg9-tto.blogspot.com/
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