Restoring Retirement Security: Supplemental Social Insurance for Washington

EOI’s latest policy brief, Restoring Retirement Security: Supplemental Social Insurance for Washington, finds the “three-legged stool” of retirement security — Social Security, pensions, and savings — is broken.

Although Social Security remains as a solid pedestal for retirement, pensions are shrinking or non-existent and workers are more apt to have debts than savings. As a result, more and more Americans face poverty and insecurity as they age into retirement, jeopardizing the dream of a secure and dignified retirement for millions Americans.

This brief examines the steps states can take to overcome policy challenges in building strong economic supports for current workers and retirees. The first step: strengthen Social Security by augmenting federal benefits. The second: advance universally accessible voluntary retirement accounts. And finally, develop a state-level supplemental social insurance system that yields benefits to working families, parents and retirees.

These programs don’t promise make workers or retirees wealthy, but they do hold the promise  of a more secure and dignified retirement.