Obama Wants to Help Americans Save

by Minority Fortune

obamaPresident Obama wants to put measures in place to help Americans put away more savings. With debt on the rise and savings dropping, it’s not a good look. The recipe for wealth has remained constant: no debt, vigilant saving. If that isn’t heeded, nothing changes. Thus, the President sees it necessary to implement some changes.

3 Changes from the Treasury Department:

Auto enrollment in retirement plans: Nothing scares employers more than crazy paperwork. To make it easier for smaller and medium-sized employers to automatically enroll workers into retirement plans, the administration will erase some bureaucratic paper-work hurdles for employers to offer that option. Employees will still be able to opt out of the retirement plans.

Saving tax refunds: To make it easier for those owed tax refunds to save, the IRS will allow tax filers in 2010 to recoup their refund by issuing U.S. savings bonds.

Sick days and vacation time become 401(k) money: To make it easier for workers to rack up savings, the White House will make it easier for employers to convert (or allow workers to convert) unused vacation and sick leave pay into 401(k) contributions.
Something’s better than nothing. We’re glad to know that awareness and facilitating saving is happening.

*Info courtesy of CNN Money. Pic courtesy of BET.
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