AARP Outlines The “Four Pillars of Retirement”
October 21st, 2007
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I received a mailer from the American Association of Retired People yesterday, one that asks the association’s 39 million members “to push the federal government to make these pillars of retirement security more available and affordable for all Americans now and in the future.”
It would surely be good to know the details of precisely what is demanded or required, but in general it’s difficult to disagree with the broad thrust of the “four pillars of retirement” outlined by AARP.
One point to be made about these pillars is that they can provide financial independence, most-likely without a need to obtain a reverse mortgage. While a reverse mortgage has value for many senior citizens, the bottom-line fact is that a reverse mortgage is a loan, debt with given costs and fees that at some point must be paid back.
What are AARP’s four pillars of retirement? Here’s part of what the mailer said:
* Social Security: We must protect this essential program from destructive changes that would undermine the goal of Social Security solvency. The public must be educated about their need for additional income because too many Americans are relying upon Social Security as their chief source of retirement income.
* Affordable Health Care: Health care is one of the most pressing issues facing American seniors today. Without affordable health care, a person’s entire retirement security could be hanging in the balance — left vulnerable to an unplanned illness or other health concern.
* Pensions/Retirement Savings Plans: Too many Americans have suffered recently as an increasing number of businesses have dramatically scaled back retirees’ pension and benefits plans - putting retirement security at risk for countless Americans.
* Supplemental Earnings: Many seniors can’t afford to retire when they wish. More employment opportunities must be created for American seniors who want to work, and age discrimination should be kept out of the workplace.
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January 31st, 2008 at 10:49 pm
I would like to see AARP host a discussion on the numerous merits of the “Fairtax” as it relates to the four pillars of retirement. I see it as a vastly better way to collect taxes and it addresses each of the pillars.
1) Social Security would be funded by a hugely larger tax base including the very rich who often don’t have wages (and therefore SS contributions) and the underground economy (crime, illegal aliens, and under-the-table workers)
2) Healthcare and Medicare funded with such a huge base is more likely to work for all.
3) Pensions and savings benefit from tax free earnings and profits, interest, capitol gains, etc offered by the Fairtax plan.
4) Later life earnings and jobs for seniors would benefit by the draw Fairtax offers to companies to locate in America (Corporation tax free) as well as the basic tax free treatment of those late life low wage part time jobs.
February 1st, 2008 at 12:30 am
The “fair tax” is essentially the flat tax proposal which has been around for years. Terence is right, it ought to be discussed, both pro and con.
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May 14th, 2008 at 3:43 pm
It’s good to remember that AARP is an insurance based corporation and somehow again there going directly to the
politicians instead of a town-hall meetings, discussions getting our opinions or even making this so called “Four Pillars of
Retirement” clear and concise(you know the small print) the
lawyer speak…no mail nothing to Sacramento, we need more information. Come on seniors
don’t just go along to go along. That is what got us to this
place. What place, you ask? Food prices, gas prices, rent and are you watching your kids suffer financially..I think you are.