Andrew Yang Policy on MAKE IT EASIER TO SAVE FOR RETIREMENT [View all]

[Sherman A1]

Most Americans want to do more to save for retirement, but they don’t know how. It’s also always easier to say, “I’ll start tomorrow,” when the expenses of today crop up.

The government should help people who want to do more to prepare for their future.

There should be opt-in retirement accounts that have defined contributions that automatically increase with people’s incomes. By opting in, an individual could define a portion of their income to be dedicated to this tax-free account, and as their income increases, or at regular intervals, the amount could be automatically increased.

"It’s very hard to save for retirement years from now, and accounts seem very complex. Yet the earlier you start, the better off you’ll be. We need to help Americans simplify their financial lives by making retirement savings self-activating. It’s a lot easier to save money if it’s automatically being done for you."

https://www.yang2020.com/policies/telescoping-retirement-accounts/