Bipartisan, bicameral group is working on legislation to make retirement reliable, real for American workers
Washington, D.C. – Today, U.S. Senators John Hickenlooper and Thom Tillis, and Representatives Terri Sewell and Lloyd Smucker announced a bipartisan, bicameral working group to improve retirement security and financial well-being for low- and middle-income American workers. The group is working on legislation to strengthen incentives and expand pathways to savings for workers who lack access to employer-sponsored retirement plans.
“Federal retirement policies are failing hard-working Americans. Around a quarter of working-age adults have $0 in retirement savings, and millions of working Americans lack access to or do not qualify for employer-sponsored retirement plans,” said the members.
“We know Americans want to be confident in their ability to save for retirement, but too many lack meaningful options. As a core function of government, Congress should enact policies that support retirement saving by all Americans. That is why we are drafting a bipartisan proposal that would help millions of overlooked workers build meaningful savings, achieve financial security, and retire with dignity. By investing in American workers, we can build a stronger economy and a more united country.”
According to a survey recently released by the Economic Innovation Group, 81 percent of voters are concerned about retirement security and only 42 percent believe that the next generation will be financially better off than their own generation.
This outlook is unsurprising given the challenges average workers face in saving for retirement. About 6 out of 10 private-sector workers lack access to a workplace retirement plan, and roughly half of households are at risk of taking a cut to their standard of living in retirement.