"Ghilarducci proposed replacing 401(k)s with “guaranteed retirement accounts,” a program that would combine mandatory individual and employer contributions with

"Ghilarducci proposed replacing 401(k)s with “guaranteed retirement accounts,” a program that would combine mandatory individual and employer contributions with tax credits and that would guarantee at least a 3 percent annual return" good god! 3%? shoot me. even if it's "inflation adjusted 3%". the whole problem is this: - 401(k)s suck if you can't trust the individual contributor to contribute. oh, and sometimes the market falls over and takes a nap for a decade or so ¯\_(ツ)_/¯ there's luck involved. - private pensions suck if you can't trust the employer to invest wisely and not "raid the pension fund". ask an ex-Delta pilot about that one. they got zero. - government retirement plans suck if you can't trust the bureaucracy to not "raid the pension fund". ask a social-"security" recipient about that one. my latest statement says i'll be getting what is the inflation adjusted equivalent to $36 a week if i can wait to 67. /s there's no plan that magically helps low-income, at risk, seniors or doesn't lead to the richer, smarter, and more well-off benefiting more than the rest. two of those three have no way out, no fix. one of those three at least has a hope of working if you are smart and disciplined enough to contribute and not "raid your own retirement fund"