How retirement plans have evolved since ERISA passed

The Employee Retirement Income Security Act (ERISA) is approaching its fiftieth anniversary. To discuss the evolution of retirement savings, RetirementRevised Publisher & Editor Mark Miller joins Wealth! Miller notes that this milestone provides an opportunity for reassessment. As Americans have shifted from pension-based retirement to 401(k)-based plans, he suggests it's time to identify "where are some opportunities for further improvements." He points out that many public sector employees still often have traditional pensions, while 401(k)s "are working well for higher income people" and those employed by large companies. However, a significant drawback of 401(k)s is that "at any given time only about half of workers are actually covered," given how many people work for smaller companies that may not offer those types of plans. Miller elaborates on the concept of an "auto-IRA," describing it as "a government-sponsored IRA program for people who don't have workplace coverage." This initiative aims to provide equitable benefits to all Americans, making retirement savings more accessible across the board. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Angel Smith

The Employee Retirement Income Security Act (ERISA) is approaching its fiftieth anniversary. To discuss the evolution of retirement savings, RetirementRevised Publisher & Editor Mark Miller joins Wealth! Miller notes that this milestone provides an opportunity for reassessment. As Americans have shifted from pension-based retirement to 401(k)-based plans, he suggests it's time to identify "where are some opportunities for further improvements.

" He points out that many public sector employees still often have traditional pensions, while 401(k)s "are working well for higher income people" and those employed by large companies. However, a significant drawback of 401(k)s is that "at any given time only about half of workers are actually covered," given how many people work for smaller companies that may not offer those types of plans. Miller elaborates on the concept of an "auto-IRA," describing it as "a government-sponsored IRA program for people who don't have workplace coverage.

" This initiative aims to provide equitable benefits to all Americans, making retirement savings more accessible across the board. For more expert insight and the latest market action, click to watch this full episode of Wealth! Video Transcript Are you doing enough to save for retirement? This year marks the 50th anniversary of the Employee Retirement Income Security Act or Risa for short, which is aimed to pro protect and better protect private sector pensions. But with less than 20% of workers receiv.