McCaskill: Retirement Security is More Important Than Ever to the American Public
With America facing $7.7 trillion retirement gap, Senator’s hearing examines recommendations to boost savings
WASHINGTON — The U.S. Senate Special Committee on Aging, led by Senator Claire McCaskill and Republican Senator Susan Collins of Maine, held a hearing today focusing on proposals to address America’s $7.7 trillion retirement security gap.
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The difference between what people have saved and what they will need to live in retirement, as of 2015, was a staggering $7.7 trillion. This serious gap is concerning workers across our country, 82 percent of whom say their generation will have a much harder time achieving financial security compared to their parents’ generation.
“Our committee has rightly focused on ways to ensure Americans have opportunities to put money aside and not outlive their savings, and has also done a lot of bipartisan work ensuring people are not defrauded out of their life savings in or near retirement,” McCaskill said. “With a $7.7 trillion retirement gap, this issue is more important than ever to our Committee and the American public.”
As part of an effort to address this growing crisis, a Bipartisan Policy Center Commission conducted a two-year study to identify why this disparity exists and to identify solutions that could facilitate increased savings and improve the retirement security of Americans.
McCaskill and Collins have teamed up on the Senate Aging Committee to make addressing the retirement security crisis a top priority, holding a series of hearings to examine and advance solutions. Together they sponsored the Senior Safe Act, which gives financial institutions immunity if they report, in good faith, instances of suspected fraud to the proper authorities.
Witnesses for the hearing included former Senator Kent Conrad, co-chair, Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings; and James B. Lockhart III, co-chair, Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings.