Source: United States Senator for Maryland Ben Cardin
Approximately half of all U.S. households will not be able to maintain their pre-retirement standard of living because they have insufficient retirement income and savings, according to Boston College’s Center for Retirement Research.
WASHINGTON – The Senate on Thursday unanimously approved a resolution led by U.S. Senators Ben Cardin (D-Md.) and Susan Collins (R-Maine) that designates October as National Retirement Security Month. The bipartisan resolution encourages efforts to raise public awareness of the various tax-preferred retirement vehicles, increase personal financial literacy, and engage “the people of the United States on the keys to success in achieving and maintaining retirement security throughout their lifetimes.”
“Americans need to save more so they can retire with the dignity and stability they deserve,” said Senator Cardin. “We must do all we can to encourage people at all income levels to take advantage of retirement savings opportunities available today, and Congress must make the process simpler and more beneficial to lower-income and working families. There is strong bipartisan momentum to strengthen our retirement system so that Americans can achieve post-work financial stability.”
“Helping Americans save more for retirement is a significant public policy challenge that requires us all to work together to find commonsense solutions,” said Senator Collins. “I have long worked to increase retirement security and have authored legislation to make it easier for Americans to boost their savings. This resolution encourages Americans to take steps toward securing their futures so they are able to enter their golden years with confidence and maintain their independence as they age.”
According to the 2021 Global Retirement Index that was released last month, the United States ranks 17th in terms of “retiree well-being.” Factors include income and savings, access to financial advisors, good healthcare and quality of life.
The full text of the resolution can be found at this link. Senators Patty Murray (D-Wash.), Todd Young (R-Ind.), Maggie Hassan (D-N.H.) and John Barrasso (R-Wyo.), and Tim Scott (R-S.C.) are cosponsors.
Senator Cardin is the lead sponsor of the Retirement Security and Savings Act (S. 1770), a broad set of reforms designed to strengthen Americans’ retirement security by expanding access and flexibility, especially for low-income Americans.
As a Senator representing the oldest state in the nation by median age, ensuring that more people are better prepared for retirement is one of Senator Collins’ top priorities. She recently introduced two bipartisan bills that would make it easier for more small employers to offer retirement plans and encourage employees to save more for their retirement: The SIMPLE Plan Modernization Act would provide greater flexibility and access to employees and employers seeking to save for retirement by using SIMPLE plans, and the Military Spouses Retirement Security Act would provide a tax credit to small employers who grant military spouses accelerated eligibility for retirement plan participation, employer contributions, and vesting.
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