Top Politico Pushes For More Retirement Plan Protection

401k, retirement, Susan Collins, retirement crisis

More movement on the Hill.

Debate rages over the extent of America’s retirement crisis (and if one exists at all), but Senator Susan Collins forged ahead Tuesday with two bills to make “retirement savings plans more accessible to more Americans.”

Collins, R.-Maine, and chairman of the Senate’s Aging Committee, unveiled what she called a multi-part strategy “to close this yawning savings gap and help more Americans prepare for retirement.”

“Over the past four decades, fundamental changes to our retirement system have made it increasingly difficult for Americans to save for their golden years,” Collins, chairman of the Senate’s Special Committee on Aging, claimed. “As a result, there is an estimated $7.7 trillion gap between the savings American households need to maintain their standard of living in retirement and what they actually have.”

Approximately half of households age 55 and older have no retirement savings, she added, and up to two-thirds of workers may not have saved enough to maintain their standard of living in retirement.

“As Chairman of the Senate Aging Committee, ensuring that more Americans are secure financially in their retirement years is one of my highest priorities. This is a crisis that is looming on the horizon. The bipartisan bills I introduced today attempt to strengthen the pillars that make up our retirement system. It is vital that we pass this legislation to ensure that Americans can enjoy a financially secure retirement and not end up retiring in poverty.”

Two bills introduced

In remarks from the Senate floor this afternoon, Senator Collins spoke about the two bipartisan retirement security bills she introduced today.

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