100% employer match — Everything you put in would be fully matched, dollar for dollar, by your employer--not just a piddly 3% or 5% like a 401(k).
Portability — All contributions, including the employer match, would go with you, hopping from job to job. You're not chained to one employer.
Everyone's in — Let's bring part-timers, temps, and contract workers aboard, not just full-timers. Every job would build retirement security.
Market-proof — Sick of losing money in your 401(k)? Our URP won't ride the stock market roller-coaster.
Automatic — No opt-in, no opt-out, no confusing investments, no convoluted rollovers. It's totally on autopilot. You work, you're in.
Lifetime payouts — When you retire, it never runs dry. It pays forever, your entire life, no matter what. And payments would be tied to inflation, because you plan to live long and prosper.
Family support — Since we're dreaming, let's add extra payments for family members like your spouse or child.
Disaster relief — Too many young people have no long-term disability or life insurance. Let's add'em.
Fair — The CEOs are doing OK. Let's focus URP on the middle class instead of the investor class.
Cheap — Let's get totally ridiculous. Make it cost no more than 6%-7% of pay. Or maybe 7%-8% if health insurance is thrown in. And administrative expenses should be low, low, low.
Ready for a big surprise? You're already on URP, like 94% of workers. It's called Social Security.
Boring old Social Security provides:
- Immediate 100% employer match, up to $117,000 in pay
- Full coverage and portability among all private-sector jobs and many public jobs
- Coverage for part-timers, even with earnings under $1,300 a year
- Performance unaffected by market swings
- Automatic, hands-off operation
- Payouts guaranteed for life for you and your spouse, and to adulthood for your children
- 100% inflation protection
- Disability and life insurance for young workers
- Payouts favoring the middle class
- Cheap participation (7.65% of pay, including Medicare)
Wouldn't it make sense to learn about the awesome retirement program you're already on? Go to my Social Security and sign up for a personal account. Maybe even go crazy and read my book, Social Security: The Inside Story.
And as always, keep on planning.