Bold Steps Needed to Rebuild Retirement Readiness
WASHINGTON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/pension?src=hash” target=”_blank”gt;#pensionlt;/agt;–Diane Oakley, executive director of the National Institute on Retirement
Security, will testify today before the U.S.
House of Representative Ways and Means Committee hearing, Improving
Retirement Security for America’s Workers. The hearing will begin at
10:00 AM ET in 1100 Longworth House Office Building, Washington, D.C.
will provide committee members with an overview of the fundamental
changes to the nation’s retirement system that have made it increasingly
difficult for Americans to prepare for retirement. She will discuss how
the disappearance of pensions and declining workplace retirement plan
coverage means that Americans have a dim retirement outlook.
She also will provide insight on how the deep retirement savings
shortfall means that many Americans will face the prospect of continuing
to work well into their 60s, a substantially reduced standard of living,
and/or the need to turn to families or government for financial
assistance. Ultimately, the inability of older Americans to be
self-sufficient after a lifetime of work will have negative impacts on
the U.S. economy, government budgets and families.
The testimony also will provide committee members with insight on bold
actions that can be taken to improve the retirement outlook for working
Download the testimony here.
Read more about NIRS research cited in the testimony, including:
in America | Out of Reach for Most Americans?, which finds
that the median retirement account balance among all working
individuals is $0.00, and that 57 percent (more than 100 million) of
working age individuals do not own any retirement account assets in an
employer-sponsored 401(k)-type plan, individual account or pension.
Retirement Insecurity in the United States, which finds
that only 31 percent of all working age Latinos participate in
workplace retirement plans, resulting in a median retirement account
balance equal to $0.
and Retirement: Already Falling Short, which finds that
this generation is far off-track when it comes to saving for
retirement, and that 66 percent of working Millennials have nothing
saved for retirement.
Security 2017: Americans’ Views of the Retirement Crisis,
which finds that 76 percent of Americans are concerned about their
ability to achieve a secure retirement, and some 88 percent agree that
the nation faces a retirement crisis.
in Retirement: Continuing Challenges to Women’s Financial Future, which
finds that women are 80 percent more likely than men to be
impoverished at age 65 and older.
The full body of research is available at www.nirsonline.org.
The National Institute on Retirement Security is a non-profit,
non-partisan organization established to contribute to informed
policymaking by fostering a deep understanding of the value of
retirement security to employees, employers and the economy as a whole.
Located in Washington, D.C., NIRS’ diverse membership includes financial
services firms, employee benefit plans, trade associations, and other
retirement service providers. More information is available at www.nirsonline.org.
Follow NIRS on Twitter @nirsonline.