With the future of social security anything but certain, Americans are desperately searching for new ways to ensure financial stability after retirement. In an effort to find potential solutions, St. Norbert College has launched the iOme Challenge. The iOme Challenge is a national contest that tasks college students with finding a solution to the nation’s current retirement crisis. Dr. David Wegge, political science professor, said of the project in a video, “We’re asking tough questions, questions that some of us haven’t even asked ourselves. I only challenge students and their faculty advisors to come up with answers to this retirement challenge.”
Entries are submitted by teams of college students led by a faculty advisor. Each entry must include an essay and video that discuss the consequences of keeping the current retirement system and propose an alternative retirement plan. Creative and strong economic feasibility are highly encouraged.
In the iOme press release, President Thomas Kunkel explained, “At St. Norbert College, we believe the iOme Challenge is a wonderfully creative way for students to really think about one of the most pressing issues facing us today –and in the process quite possibly have some effect on our nation’s public policy.”
Dr. Kevin Quinn, associate professor of economics, encourages students to get involved by saying on the iOme Challenge’s website, “Economists and policy people can come up with all kinds of ways to help you save for your own future, but the bottom line is this: you owe yourself first.”
The winning team will receive $20,000 and a trip to Washington, D.C. so that they can present their ideas to political figures that have the power to put their plan into action. The Challenge will also distinguish four other teams with an honorable mention. Teams receiving honorable mention will receive $2,500.
Additional information, including rules and application deadlines, can be found at www.iomechallenge.org.