Youth Individual Development Accounts: Retirement Planning Initiatives

Given the growing interest in a privatized Social Security system and the lack of adequate retirement planning among many people in the United States, many households are often ill prepared for retirement. The outlook for low-income populations is even bleaker because they are often not privy to the same financial education and asset-building opportunities afforded to middle- and upper-income households. One way to help low-income individuals to obtain a head start on retirement planning is to make financial education and asset-building opportunities more readily available for youths. Social workers can help formulate youth retirement planning policy and program initiatives. This article reviews retirement planning trends, historical asset-building initiatives, and financial education programs in the United States and sets forth a proposal to expand on current social policy and program initiatives for youths to increase long-term financial planning among underserved populations.