There is an estimated $7 trillion gap between what Americans are projected to have saved for retirement and what they are projected to need
Washington, D.C. – As part of a national effort to encourage Americans to focus on their financial needs for retirement, U.S. Senator Susan Collins, the Chairman of the Aging Committee, joined a bipartisan group of colleagues in cosponsoring a resolution recognizing October as National Retirement Security Month. The Senate passed the resolution unanimously.
“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. “As the Chairman of the Aging Committee, this is one of my top priorities, and I have held multiple hearings and authored legislation to enhance retirement security. 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 non-partisan Center for Retirement Research, there is an estimated $7 trillion gap between what Americans are projected to have saved for retirement and what they are projected to need to maintain their standard of living.
As the Chairman of the Aging Committee, Senator Collins recently held a hearing that examined the findings from a 2020 Government Accountability Office (GAO) report on the unique hurdles women face as they prepare for retirement. In 2019, Senator Collins held a hearing on the financial security of seniors in retirement and in 2018 held a hearing on the critical decisions seniors face when they turn 65, including claiming Social Security benefits.
In 2019, several provisions from the Retirement Security Act Senator Collins authored were signed into law. The legislation reduces the cost and complexity of retirement plans, especially for small businesses, and encourages individuals to save more for retirement. Senator Collins recently introduced the Military Spouses Retirement Security Act, a bipartisan bill that would help spouses of active duty service members save for retirement by expanding access to employer-sponsored retirement plans.
The bipartisan resolution was also cosponsored by Senators Senator Mike Enzi (R-WY), Ben Cardin (D-MD), Lamar Alexander (R-TN), Maggie Hassan (D-NH), Patty Murray (D-WA), and Todd Young (R-IN).
Click HERE to read the full resolution.