Tag: tax incentives

Biden’s retirement idea getting the cold shoulder

Mary Pat Campbell

Link: https://www.pionline.com/defined-contribution/bidens-retirement-idea-getting-cold-shoulder

Excerpt:

Equalized tax advantage proposal being met with skepticism by industry

Alicia Munnell doesn’t think the shift would help because workers typically don’t look at tax incentives.

Trade groups representing plan sponsors have snubbed a proposal floated by President Joe Biden to give individuals across all pay grades equal tax advantages for their retirement savings.

Author(s): MARGARIDA CORREIA

Publication Date: 22 February 2021

Publication Site: Pensions & Investments

Spain Counts on Citizens to Buy Into Revolution for Pensions

Mary Pat Campbell

Link: https://finance.yahoo.com/news/spain-counts-citizens-buy-revolution-050000160.html

Graphic:

Excerpt:

Spain is hoping to entice people to prepare for retirement with a voluntary saving plan as it tries to wean them off relying solely on state pensions.

The aim is to set up a fund run by private investment companies by the end of the year, offering Spaniards an affordable alternative to supplement their public pension. But unlike some other countries, the system will require workers to opt in rather than being automatically enrolled.

“We think there’s a group of middle- and low-income Spaniards who will be interested in a boost to their lifetime savings, which can complement their public pension,” Jose Luis Escriva, the social security minister for Spain’s Socialist-led government, said in an interview.

Author(s): Jeannette Neumann

Publication Date: 19 February 2021

Publication Site: Yahoo Finance