Universal IRA

A policy concept that has yet to be enacted in practice, the Universal IRA is intended to help build retirement savings for the millions of American workers who are not covered by any retirement plan. Under this proposal, owners of businesses that are too small to afford retirement plans will transfer money from an employee’s paycheck directly to an individual retirement account. The Universal IRA has been put forth as simple, inexpensive and effective way to build retirement savings for the 70+ million Americans who do not have access to employer plans such as a 401k.