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A Smarter Plan to Make Retirement Savings Last -

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From flickr.com/photos/86530412@N02/8224531495/: Education Retirement
Education Retirement
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"By 2020, the numbers of  low-income elderly will rise sharply as the retired population soars to 56 million. More middle-class working Americans will be poor after they reach the age of 65. Most currently have inadequate 401(k)-type accounts or no retirement account at all. The current system. a mix of 401(k)s and  I.R.A.s — is broken. These plans are individually directed, voluntary and leaky. Over1/2 of workers don’t have  a workplace retirement plan. Americans between the ages of 40 and 55 have retirement savings of $14,500, when they will need between 20 and 30 times that amount. 
We need a bolder plan, which we are calling the guaranteed retirement account (G.R.A.). All workers and employers will  make regular payments into a G.R.A., which builds until retirement age, then pays out a supplemental stream of income until that person and his or her beneficiary die. "

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