Individuals need more financial assets and less debt, especially for retirement.  Social Security forms the first tier of support for retirement but was never intended to be the sole source of retirement income.  Retirement security solutions need to recognize and incorporate the challenges for self-reliant Americans who take responsibility for their families through a lifetime of work.  Business owners and employees have historically negotiated over retirement benefits, and government employers face revenue challenges.  Many private and public pension plans face serious underfunding of their long-term obligations. 

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A serious bipartisan conversation needs to take place regarding incentives to generate personal retirement savings that supplement Social Security and addresses the gap between what Americans need for retirement and what they currently have.  Employers and employees can both play a role in strengthening the personal retirement savings of Americans.  An ideal system should be open to all, portable, prevent leakage from high fees and early withdrawals and allow for pooled investments that can spread risk.  It should encourage Americans to build wealth through savings and investment that will generate a return sufficient to allay fears that retirees will outlive their savings, and should permit Americans to have the option to transmit the remainder of their accumulated savings to their heirs.  Americans need a fiscally responsible personal retirement savings system that is advanced funded, supplements the pay-as-you-go Social Security system, and accumulates funds for investments in business and infrastructure to help sustain a healthy economic growth rate.

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Evidence:

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United States.  White House.  "The National Commission on Fiscal Responsibility and Reform."  December 2010