To: The United States House of Representatives and The United States Senate
Our Retirement Crisis
Cutting Social Security is not an option. We must strengthen the program and create new avenues that bring working families the stability they need.
Why is this important?
Retirement security is a crisis we must face head-on. If nothing changes, more than half of today’s working-age households will not be able to maintain their standard of living into retirement.
Too many retirees rely only on Social Security. In the private sector, workers have been losing out as pensions have been frozen or cut in favor of less generous 401(k) plans. Half of workers have no retirement plan at all, and far too many have saved little or nothing on their own.
Retirees encounter high hurdles in making their savings last throughout their lives. Saving for retirement is a luxury many working families can’t afford. Wages have been essentially flat for decades, and only the very rich have benefited from our nation’s economic growth.
The shortcomings of 401(k) plans are glaring. Too many workers are unable to contribute what they need to survive retirement. Fees and expenses are too high. Workers end up making crucial decisions with bad advice or none at all, and there’s no safety net to protect them.
Seniors are facing higher costs, but today’s Social Security program isn’t keeping pace. We must reject any calls for cuts and create new plans that fill the evolving needs of all workers and retirees.
Too many retirees rely only on Social Security. In the private sector, workers have been losing out as pensions have been frozen or cut in favor of less generous 401(k) plans. Half of workers have no retirement plan at all, and far too many have saved little or nothing on their own.
Retirees encounter high hurdles in making their savings last throughout their lives. Saving for retirement is a luxury many working families can’t afford. Wages have been essentially flat for decades, and only the very rich have benefited from our nation’s economic growth.
The shortcomings of 401(k) plans are glaring. Too many workers are unable to contribute what they need to survive retirement. Fees and expenses are too high. Workers end up making crucial decisions with bad advice or none at all, and there’s no safety net to protect them.
Seniors are facing higher costs, but today’s Social Security program isn’t keeping pace. We must reject any calls for cuts and create new plans that fill the evolving needs of all workers and retirees.