Kent Conrad: “I do completely agree, I think, with all of you that over the longer term we must act.”

Millions of Americans are financially unprepared for their retirement.

We did a whole series of things in our Social Security reform not to discourage people from working, but to encourage them to continue working if they are able to do so.

I wish I could look you in the eye and say, you know, if we just had the will, we could reverse this, and we could go back to a time when defined benefit plans were on the increase. I do not think that is in the cards.

Social Security's financial challenge affects nearly our entire society, and the solutions will require a broad-based approach.