Council Warns About Looming Benefits Crisis

By 2014, most households should have access to investment education and advice, 75% of households should have estimated their retirement savings needs, and 74% of private-sector employees should be participating in workplace retirement plans, the council says.

The council is hoping that, by 2014, the personal savings rate will reach 15% of disposable income.

The council also recommends major efforts to overhaul the U.S. employee health coverage system to broaden coverage and empower consumers. Consumers need more information about health care outcomes, the council says.

To promote health security for future retirees, the government must modernize Medicare and provide more comprehensive Medicare benefits, the council says.

Congress also should establish tax incentives to encourage employees to prepare for retiree health and long term care costs and to encourage employers to offer long term care benefits and pre-fund retiree health benefit programs, the benefits council says.