Political Quotes

“today Senator Nelson and I rise to discuss S. 266, the Retirement Security Act, legislation we filed earlier this week and first introduced last year. Our bill would encourage more small employers to offer retirement plans that would provide incentives for employees to save more for retirement and would ensure that low-income and middle-income taxpayers are able to claim tax benefits for retirement savings that are already authorized in law. Our bill is the product of the work that Senator Nelson and I did together on the Special Committee on Aging. In the fall of 2013, the committee conducted a hearing on retirement security where we heard from witnesses that far too many American seniors have real reason to fear they will outlive their savings. According to the nonpartisan Center for Retirement Research at Boston College, there is an estimated $6.6 trillion gap between the savings that American households need to maintain their standard of living in retirement and what they actually have. The group that was surveyed were those Americans between ages 32 and 64. Nationally, one in four retired Americans has no source of income beyond Social Security. In the State of Maine the number is one in three. While 4 in 10 rely on this vital program for 90 percent of their retirement income, Social Security provides an average benefit of just $1,294 per month--less than $16,000 per year. It is hard to imagine stretching those dollars far enough to pay the bills.…”