With respect to the challenges faced by workers nearing retirement, delegates came up with a number of suggestions for programs to heighten awareness of possibly inadequate savings, improve older workers’ ability to catch up on savings, take measures to deal with rising healthcare costs, and facilitate phased retirement. Among these were:
- Lifetime Accumulation: Change the tax code that limits tax-deferred annual contributions to retirement
savings accounts to lifetime limits on contributions.
- Change Rules to Reflect Shifting Paradigms: Establish regulations to incorporate some of the best
features of defined benefit plans—-automatic enrollment, default options—-into defined contribution plans.
- Product Bundling: Remove the regulatory impediments to bundling products like annuities and long-term care insurance.
- Flexible Work Training (for Managers): Provide training to managers who are willing to hire seniors, focusing on the design, implementation, and appropriate target audiences of flexible work arrangements.
- Retiree Health Security: Offer retirees greater financial security by providing protection against two of the biggest threats to retirement security: runaway healthcare costs and gaps in retiree healthcare coverage caused by bankrupt, closed, or
financially strapped businesses that discontinue or reduce retiree health benefits.