Political Quotes

“I rise to introduce the Retirement Security Act of 2014, legislation I am sponsoring with my good friend, the senior Senator from Florida and the chairman of the Special Committee on Aging. Our bill would encourage small employers to offer retirement plans, encourage employees to save more for their retirement, and ensure that low- and middle-income taxpayers are able to claim tax benefits for retirement savings already authorized in law. I thought it was interesting last night that the President, in his speech, highlighted what is a growing problem in this country; that is, that people who have not saved sufficiently to have a comfortable retirement. The legislation we are introducing today is an outgrowth of our work together on the Special Committee on Aging. Last fall, the committee conducted a hearing on retirement security, where we heard from witnesses that far too many American seniors have real reason to fear that 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 American households need to maintain their standard of living in retirement and what they actually have. That is an enormous gap that speaks to the fact that we need to shine a light on this problem. Nationally, one in four retired Americans has no source of income beyond Social Security--in Maine, the number is one in three.…”