No matter who wins the White House in November, the next administration will have to do more to advance retirement security, a number of experts said.
Also on their wish lists: Shore up Social Security, boost the economy and better equip the SEC.
“The next administration will need to tackle two key issues when it comes to retirement,” said attorney Michael Kreps, a principal with Groom Law Group in Washington and a former Senate pension aide.
“First, they need to do the hard work of implementing policies that expand access to the private retirement system. The next administration — whether a Democrat or Republican is in the White House — really needs to take a hard look at what works and push policies that we know are going to be effective,” Mr. Kreps said.
Doing more to ensure lifetime income will be the other challenge, he said.
“Fortunately, there is a growing body of academic research pointing the way toward creative solutions, and we are seeing an increased amount of interest in the marketplace. I think there is a real opportunity for the next administration to push the ball forward and really help participants and beneficiaries.”
“With 10,000 baby boomers reaching age 65 daily, it's essential for the next administration to focus attention on asset de-accumulation,” said Derek Dorn, managing director and head of regulatory engagement and policy for TIAA in New York.
The next president should focus on financial education, especially for those with coverage that do not participate in their employer plans, said Will Hansen, senior vice president of retirement policy with the ERISA Industry Committee in Washington.
“For those without coverage, focus on encouraging expansion of the voluntary employer-sponsored retirement system. I do not want to see anything that would take away from the voluntary system as I believe that has been successful in increasing coverage rates,” Mr. Hansen said.