Clinton Offers Financial Plan For All Americans

    Sen. Hillary Rodham Clinton, Democratic presidential candidate, recently announced her plan to offer a 401(k) retirement account with up to $1,000 in annual matching funds for every U.S. worker.

    Right now only some employers offer a 401(k) for their employees. Although the benefits of a 401(k) program are undisputed, most wage-earning employees are not able to benefit from such programs. These days, the future availability of retirement benefits remains uncertain, and Clinton’s program could give hope to many workers and their families.

    Addressing the disparity in savings and retirement accounts between working-class Americans and those who can easily take advantage of their employer retirement account offerings, Clinton said, “This is a major commitment to how I believe we can begin to right the balance again.”

    According to USA Today, Clinton’s “American Retirement Account” would allow workers to put up to $5,000 annually in their 401(k) plan. Those making $60,000 or less would receive a 100 percent match of their first $1,000, and a 50 percent match would be available for employees who make between $60,000 and $100,000.

    Since tax policies generally favor individuals and families who already have the most assets, a public policy such as the American Retirement Account offers all citizens an opportunity to live securely and plan for the future.

    For more information, contact Kelly Slay at kellyslay@povertylaw.org.