Political Quotes

“Ensuring that more Americans are better prepared financially for retirement is one of my top priorities. That is why I rise today to introduce the SIMPLE Plan Modernization Act with my colleague from Virginia, Senator Mark Warner. Our legislation will provide greater flexibility and access to both employees and their employers seeking to utilize the popular SIMPLE plans as an option for saving for retirement. According to the non-partisan Center for Retirement Research, 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. A recent Gallup poll found that only 51 percent of working Americans believe that they will have enough money to live comfortably in retirement. Though this is the highest percentage of confidence in nearly a decade, we must continue to work to ensure that even more Americans will have the resources they need to enjoy their ``golden years.'' Another contributing factor is that employees of small businesses are much less likely to participate in employer-based retirement plans. According to a study by the PEW Charitable Trusts, roughly 30 million U.S. private-sector full-time workers continue to lack access to a work-based plan to save for retirement. SIMPLE retirement plans were established in 1996 to encourage small businesses to provide their employees with retirement plans that are less costly and easier to navigate.…”