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Abstract
In this Practical Applications report, Meir Statman—Glenn Klimek Professor of Finance at Santa Clara University’s Leavey School of Business—addresses some of the realities of retirement savings across income groups. Statman proposes a mandatory defined-contribution (DC) plan to ensure adequate retirement savings among the middle and direct financial assistance to the poor. The source article appeared in The Journal of Retirement’s Winter 2014 issue.
“It is time to switch from a nudge to shove and replace voluntary DC plans with mandatory DC plans,” Statman urges. Read this report to find out why he believes we should distinguish four income groups: The wealthy, the steady-middle, the precarious-middle and the poor.
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