US - President Obama's outline budget proposal will bring in automatic enrolment to Individual Retirement Accounts (IRAs) and extend the Saver's Credit for 401(k) plans - a move that could dramatically increasing saving rates among lower paid workers.
The budget proposal stated this would increase saving participation rates for low and middle-income workers to around 80%.
The automatic enrolment proposal, first put forward by think tank the Retirement Security Project (RSP), enjoyed broad based support from both president Obama and senator McCain during the presidential election campaign.
RSP said there were currently some 78 million US workers not covered by any kind of employer-sponsored retirement savings scheme.
In addition, the budget proposal on Saver's Credit would see the scheme expanded to provide a 50% match on the first $1,000 of retirement savings for families earning up to US$65,000.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
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