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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.

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This post was written by Angel Smith