Retiring While Black:
Inequalities put many Black people on poor footing for retirement. Advice from Black seniors for a path to financial security.
By Brian Vines, Consumer Reports
Ric Edelman details his plan to eliminate retirement income inequity
From Yahoo! Money
Ric Edelman Proposes Retirement Savings Fix For Future Generations
By Jacqueline Sergeant, Financial Advisor
Edelman, the co-founder of Edelman Financial Engines, has put forth a proposal he believes is the solution to the retirement shortfall. RISE (Retirement Income Security for Everyone) is a savings solution that would provide all future generations of Americans a new source of retirement income starting at age 70, Edelman explained during a recent radio program. It would place all participants at the median of U.S. personal income, which according to the Census Bureau was $38,761 last year.
Bond-based public program would save retirement, Ric Edelman says
By Emile Hallez, InvestmentNews
The idea, Retirement Income Security for Everyone, or RISE, could increase income levels in retirement by 250%, Edelman said. With accounts funded initially by $5,884, people would be able to begin receiving retirement income checks starting at age 70 that augment what they get from Social Security and their 401(k) plan. The program would be managed like a defined-benefit pension plan and could be overseen by a commission, a government-sponsored entity or a private group.
Retirement ‘baby bonds’ could help close the racial wealth gap
By Michelle Singletary, The Washington Post
Here’s how it works: At no cost to taxpayers, the federal government would sell savings bonds that would fund a pot of money for every baby born in the United States. It’s not parents who would buy the bond but investors, similar to how other savings bonds are sold by the Treasury Department.
A plan to eliminate poverty for all retirees
New proposal eliminates retirement income inequity for all future generations of Americans
Called RISE (Retirement Income Security for Everyone), Edelman’s proposal is permanent and completely self-funding, with no financial support needed by Congress or taxpayers. Instead, the U.S. Treasury Department would sell one RISE Savings Bond for each baby born in America each year. The money would be managed as determined by Congress.