Confronting the Retirement Crisis
America is facing a retirement crisis.
1 in 4 adults has no retirement savings and retirement inequality is staggering:
67% of Latinx families and 56% of Black families have no retirement account savings, compared to 35% of white families.
The number of women without any retirement savings is 43% higher than the number of men.
The solution is to dramatically expand accessible workplace plans and incentivize savings with a government match.
The Automatic Retirement Plan Act
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Requires most employers (except the smallest) to maintain an automatic IRA,401(k), 403(b), or SIMPLE IRA plan
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Extends the small business start-up tax credit for five years and expands the credit (from 50 to 100 percent) for employers with 25 or fewer employees
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Over 71 Million Americans would become newly eligible for auto-enrollment
The Encouraging America to Save Act
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Replaces the current Saver’s Credit with a 50 percent government match on contributions up to $1,000 per year made directly to the plan
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Available to single taxpayers with AGI up to $25,000 and couples with income up to $50,000, with the match phased out over the next $15,000 of income for individuals and $20,000 for couples
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Match would be claimed on the individual tax form (and deposited directly to the worker’s 401(k) or IRA)
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Take a look at the breakdown of new savers by state:

Together, these programs would cost $46 billion and result in $7.3 trillion in retirement savings.
The plan is overwhelmingly popular with employers
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86% of small and mid-sized employers without plans support the concept
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Employer contributions are not required, and most will receive 100% tax credit for any administrative costs
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In states that have already enacted automatic IRA programs, most employers report zero out-of-pocket costs for implementation
The benefits to individuals can be life-changing
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Creates a cushion against unexpected shocks
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Reduces dependence on government programs
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Lays a foundation for generational wealth
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Creates options in retirement for things like small business creation
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Provides confidence and security so American workers can enjoy their retirement