The Illinois House is advancing legislation intended to get more people saving for retirement. Advocates say "nudging" workers into a savings program could help keep them out of poverty in retirement.
The so-called Secure Choice retirement savings program is an idea of the conservative Heritage Foundation. The plan would require all companies with more than 25 employees to automatically enroll workers in a state-supervised retirement program.
Marketplace Economics Editor and Business Week columnist Chris Farrell says the aging of the population is the biggest economic and personal finance challenge ahead. Speaking with WUIS Executive Editor Bill Wheelhouse, Farrell says people can expect to work longer in the years ahead.