National

Sep 5, 2009 7:13 AM by Associated Press

Obama expands workers' retirement savings options

President Barack Obama says the government is trying to make it easier for Americans to save for retirement. In his weekly radio and Internet address, the president notes the toll the recession has taken on extra income and savings accounts.

One initiative will allow people to have their federal tax refunds sent as savings bonds. Others are meant to require workers to take action to stay out of an employer-run savings program rather than having to take action to join it.

The president says that "automatic enrollment has made a big difference in participation rates by making it simpler for workers to save."

The new federal steps do not require congressional action. While saving for retirement is universally seen as a good idea, any increase in savings rates could somewhat slow the nation's rebound from the economic recession.

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