Perspective: The American retirement system is built for the rich
the IRA-stuffing phenomenon in 2014; and rather than clamping down, lawmakers from both parties sat on their hands.)
There are, to be sure, scattered provisions of Secure 2.0 that would modestly boost retirement savings among some low- and middle-income workers. For example, the bill instructs the treasury secretary to “increase public awareness” of the retirement savers’ credit, which offers up to $1,000 to workers who contribute to IRAs and 401s. The bill also tweaks the parameters of the credit so that more middle-income households can claim it.
Another provision of Secure 2.0 that ostensibly helps lower-income Americans would require new 401 plans to enroll employees automatically. Unless an employee explicitly opts out, employers would have to deduct a steadily rising percentage of the employee’s paycheck — topping out between 10 and 15 percent — for contributions to the employee’s 401 account.
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