By James W. Russell | Democrats, looking forward to possible Congressional and White House victories in 2020, have embraced expanding Social Security after years of defensively fending off privatization and cutback threats. The Social Security 2100 Act, with 209 co-sponsors, is waiting in the wings. It would make needed revenue increases, including raising the cap on labor income taxed, to stabilize Social Security’s finances for seventy-five years. It would also mildly expand benefits.
By James W. RussellThe ad from TIAA-CREF, the company that administers university and other retirement plans, which ran alongside my Yahoo inbox was too enticing to ignore. I clicked on the bait: “You could get ninety percent of your income and maintain your lifestyle in retirement.” The click brought me to another eye-catching claim: “On average, participants in TIAA-administered plans are on track to replace over ninety percent of their income in retirement.” These were eye-catching claims because I had been in TIAA for over thirty-five years and would be replacing nowhere near ninety percent of my preretirement income. Nor would anyone else I knew who was in TIAA.
As 2014 comes to a close, we look back at some top Beacon Broadside posts, as well as a few overlooked gems.
In a recent conversation with New Books in Sociology, James W. Russell, author of 'Social Insecurity: 401(k)s and the Retirement Crisis', outlined the inadequacies of the 401(k) system and explained alternatives for Americans who want to maximize their benefits and live comfortably in retirement.
Retirement expert and 'Social Insecurity' author James W. Russell wonders why nonprofit retirement provider TIAA-CREF has escaped criticism when they share many of the same damaging policies, fees, and supersized executive compensation packages that jeopardize the 401(k)s managed by other retirement providers.
Are you worried about the future as you approach retirement age? Did you watch your 401(k) shrink dramatically during the 2008 recession, taking your dreams of retirement with it? Are you worried that your retirement account may never recover from...
Retirement expert James W. Russell finds much to critique in Senator Tom Harkin's USA Retirement Accounts plan.
Retirement expert James W. Russell has issues with President Obama's MyRA plan, saying it "will do little to benefit retirees."
Beacon authors Amy Alexander, Aviva Chomsky, Philip Warburg, Eric Schwarz, Carol Corbett Burris, and James W. Russell present their wish list for the 2014 State of the Union Address.
Retirement expert James W. Russell breaks down the myth of National Save for Retirement Week.