Portman Op-Ed in Barron’s: Americans Deserve to Retire With Dignity. Here’s How We’d Help Them Do It.
In an op-ed for Barron’s, Senator Portman and his colleague Ben Cardin (D-MD) highlight the next big legislative step forward to ensure hardworking Americans achieve a safe and secure retirement. The Retirement Security & Savings Act includes a broad set of reforms designed to strengthen Americans’ retirement security by addressing four major opportunities in the existing retirement system: (1) allowing people who have saved too little to set more aside for their retirement; (2) helping small businesses offer 401(k)s and other retirement plans; (3) expanding access to retirement savings plans for low-income Americans without coverage; and (4) providing more certainty and flexibility during Americans’ retirement years. The measure includes more than 50 provisions to accomplish these objectives, which will help to ensure hard-working Americans can retire with dignity and peace of mind. This measure will build upon the success of the SECURE Act – legislation to strengthen our private retirement system and help more Americans save for their retirement which was signed into law late last year.
Excerpts of the op-ed can be found below and the full op-ed can be found at this link.
Americans Deserve to Retire With Dignity. Here’s How We’d Help Them Do It.
By Senators Rob Portman and Ben Cardin
February 27, 2020
Everybody hopes for a financially secure retirement plan at the end of their working years, but the truth is most Americans haven’t been able to save or prepare enough to reach that goal. While more Americans are saving more in 401(k)s and individual retirement accounts, according to a recent study by Northwestern Mutual, more than two-thirds of Americans think there’s a chance they will outlast their retirement savings—and they’re right. Among households over the age of 55, nearly three in ten have no retirement savings or pension plan whatsoever.
While we’re fortunate to have Social Security as a guaranteed safety net, it is hard to live on Social Security alone. For most people private retirement savings are needed to maintain your preretirement standard of living and retire with dignity.
But much more can and should be done and we can build on the success of the Secure Act. That’s why we’ve introduced the Retirement Security & Savings Act, which includes 57 reforms to help more Americans achieve a safe and secure retirement, ensuring that Americans can retire with dignity as the economy changes. In particular, our bill addresses four major opportunities to improve our retirement system.
While Congress has made progress on this issue, the lack of sufficient retirement savings remains an urgent problem that requires more congressional attention. In 2020, we’re committed to moving this critical legislation forward so that even more Americans can start saving up today for a more secure tomorrow.