Hillary Offers 401(k)s for All

Feds would match up to $1,000 for middle income Americans
By Nick McMaster,  Newser Staff
Posted Oct 9, 2007 6:10 PM CDT
Democratic presidential hopeful Sen. Hillary Rodham Clinton, D-N.Y., speaks during a town hall meeting, Tuesday, Oct. 9, 2007, in Webster City, Iowa. Under a plan Clinton outlined Tuesday every citizen...   (Associated Press)
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(Newser) – Today Hillary unveiled a new plan, vowing to help Americans retire by matching $1,000 of their savings with federal funds. She says feds can match 50-100% of the first $1,000 saved in a 401(k)-style account, depending on one's income. She plans to pay the $20-$25 billion tab by freezing the estate tax, but the New York Times warns that today's lawmakers would nix such a move.

Hillary compared the plan, dubbed "American Retirement Accounts," to her health policy because both are by choice: Americans can keep private plans if they prefer. But she will press bosses to help workers by directly depositing income into their accounts. “Saving in the accounts will be easy — it should not require a Ph.D. to save for retirement,” she said.