A new government report is sounding the alarm to Congress about a looming retirement crisis if nothing is done to fix existing roadblocks to financial security for many Americans.
The Government Accounting Office paper calls on lawmakers to create an independent commission to "comprehensively examine" the U.S. retirement system — including Social Security, workplace retirement plans and individual savings — and make recommendations for improvements.
The goals, the report said, should be to:
- Promote universal access to retirement savings
- Ensure greater retirement income adequacy
- Improve options for the spend-down phase of retirement
- Reduce both the complexity and risk for both retirement plan participants and sponsors
- Stabilize financial exposure to the federal government
"We recognize that some of these goals may compete with each other — in particular, ensuring greater retirement security and minimizing fiscal exposure to the federal government," the report said.