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NCPA Policy Chairman
Policy Chairman Mike Whalen is one of the driving forces behind the NCPA's retirement reform efforts. “As early as next year the first of the 77 million Baby Boomers will begin to retire, and America is totally unprepared for it. This will mark the beginning over a massive conflict over resources. Can Americans protect themselves from what's coming? Yes, but it will require a fundamental rethinking of how we prepare for retirement,” Whalen said. Whalen’s interest in retirement reform stems from his involvement in public affairs on the local, state and national levels, and in his role as an employer. He developed, owns and operates 22 restaurants and hotels in seven metropolitan areas in five Midwestern states.
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Elements of a Secure Retirement
RetirementReform.org, a special project by the National Center for Policy Analysis, contains the latest and most prominent research on public policies that affect retirement. The materials presented here cover the gamut from Social Security, Medicare and state pensions to 401(k)s and IRAs.
What's New
401(k) Loans = Retirement Insecurity
The popularity of 401(k) plans has grown in recent years. According to the Employee Benefits Research Institute, almost two-thirds of employers offer such plans and millions of employees now contribute to them. These defined contribution plans allow workers to set aside part of their earnings in tax-deferred retirement accounts that are invested in stock and bond funds. A worker can begin to withdraw funds from the account without penalty at age 59 and one-half. All contributions, as well as accumulated dividends and interest, are subject to income tax when the funds are withdrawn.