Daniel Akaka: “today, I am introducing the Education for Retirement Security Act of 2006, with my colleagues Senators Lautenberg…”

“today, I am introducing the Education for Retirement Security Act of 2006, with my colleagues Senators Lautenberg, Stabenow, Sarbanes and Baucus. I thank our former colleague, Senator Corzine, for initiating this important financial and economic literacy bill, of which I had been an original cosponsor. This bill is a product of revisions suggested by the Jump$tart Coalition for Personal Financial Literacy and the American Savings and Education Council, as well as consultation with other community groups such as the National Association of Securities Dealers and National Council on Economic Education. Americans are not saving enough for retirement. Longer life spans, combined with low savings and high consumer debt, are putting many mid- life and older Americans on the path to entering retirement years with a lower quality of life, delaying their retirement to catch up with inadequate savings, or becoming a significant financial burden on their loved ones. In 2005, only 42 percent of workers or their spouses calculated the amount they needed to save for retirement a major decrease from 53 percent in 2000. Only about half of working Americans are covered by a pension plan. Inadequacy of retirement nest eggs and other preparation for retirement will certainly impact the U.S. economy and government services, as we know that the number of older individuals in the U.S. is projected to more than double over the next 30 years, from 35 million to 75 million people.…”