Guidant Financial Group Blog

The debate has begun over which presidential candidate has the best plan for overhauling the U.S. retirement system. It is apparent that Americans are not saving enough to get them through retirement.

There is no promise of ever-dwindling Social Security being available when the current workforce retires, and companies are steering away from pensions and are moving toward employee-managed retirement accounts. These two factors alone mean that saving ample funds for retirement should be a priority for most, if not all, Americans.

The presidential candidates see it that way, too. Barak Obama proposed his ideas for retirement reform on Friday, suggesting that the government enforce automatic enrollment for employees in corporate-sponsored 401(k) plans. He further recommended a government annual match of up to $500 to participants who meet certain income qualifications (see Uncle Sam Can Fund Retirement – Obama).

John McCain has yet to release his ideas on reforming the way Americans save for retirement; but, considering the threat of inflation and the apparent lack of retirement savings among U.S. citizens, one can venture to guess that McCain, too, will make retirement reform a staple of his campaign.