Political Quotes

“Well, in fact, they run into the things that we have been discussing, higher administrative fees, greater investment return uncertainty, the same things that would face, in fact, the reform of Social Security. The fact of the matter is that I think we need to appreciate the fact that as individuals deal with at-work retirement plans, they are already taking on a good deal more risk than they traditionally have. In the past you had your pension, the assets were managed elsewhere, and you put in your time, and you got your retirement check. Presently, you have a 401(k) plan. Workers in the work force today struggle to make a matching contribution so they get some money accumulating in their 401(k) accounts. We know that over half the 401(k) accounts in the marketplace have less than $10,000 in them, hardly anything that is going to sustain a comfortable retirement. We also know that those 401(k) accounts carry a level of investment risk, and quite often workers are mystified, bewildered by the investment choices that confound them. The last thing they want to do is take the one piece of security they have in retirement, Social Security, the bedrock, the foundation, and put risk into the foundation as well. This is what we build on for retirement security. We do not want to crack the bedrock assurances social security has offered, creating even more uncertainty as to the ability to make it in retirement years.”