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Obama Announces Plans to Spur Retirement Savings

Recognizing that few Americans have adequate savings for retirement, President Obama today announced four plans that do not require Congressional approval.

“The fact is, even before this recession hit, the savings rate was essentially zero, while borrowing had risen and credit card debt had increased,” Mr. Obama said in his weekly radio address. “Half of America’s work force doesn’t have access to a retirement plan at work. And fewer than 10 percent of those without workplace retirement plans have one of their own.”

Will any of the plans help you? If not, what would you have recommended instead? Here is the transcript of his weekly address and here is the factsheet on the four plans.

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