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Summit Eyes Age-Based Saver Plans Retirement Savings Low U.S. policy should support, but individuals control, the wealth-building process.(MUTUAL FUNDS)
Byline: CLAIRE MENCKE
How do you spur individuals of all ages to make hard choices about their own retirement savings -- while also trying to set broad national guidelines for retirement plans?
Those were some of the issues facing industry, government and nonprofit leaders at the Labor Department's second National Summit on Retirement Savings, held Thursday and Friday in Washington, D.C.
Delegates looked at the individual solution part in breakout sessions. Their goals: to set action plans for retirement savers of four age groups, using the best approaches and messages for each. Targeted were the millennial generation (under age 20), Gen X (20s and 30s), baby boomers (40s and 50s) and the silent generation (60s and 70s).
Conferees hope to put teeth in their work, as they did at the last such summit, held in 1998. At that time they homed in on retirement savings education as the big theme.
Keynote speakers addressed the big picture. Labor Secretary Elaine Chao set the tone with a message often overlooked in debates on retirement savings. Workers have to save more, she stressed. Retirement savings remain quite low.
"One study from Ohio State University shows that 56% of households are not prepared for retirement," Chao said.
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