Rob Portman: “I am on the floor tonight to talk about retirement security, which is something everybody cares about. Who doesn't want…”

“I am on the floor tonight to talk about retirement security, which is something everybody cares about. Who doesn't want peace of mind in retirement? When I am back home, I hear about it all of the time, partly because a lot of people are worried about the costs they are going to have in retirement, including long-term care costs. A lot of people are seeing their parents and their grandparents living longer, healthier lives; yet they do not have their retirement nest eggs in order to keep up. So we need to do something to help on that. Social Security is there as the safety net. It used to always be there, but that is what it is, just a base amount: $1,200 a month. It is not very much, but it is the average for some folks in my home State of Ohio. You have to have a private retirement savings that adds to that, and that can mean the savings you have in your bank account. The best way to do it is through a 401(k) account at your work where the employer, hopefully, puts a match in. So it is a good deal for you because you put money in, and your employer puts money in, and you get to have a tax deduction for it. Even if you are not at work, you can take an individual IRA. With the IRA, it is the same thing wherein you get a tax deduction. That is good. Some companies have the defined benefit plan. That is the old pension plan. That is great if you have one. Not as many workers do anymore, but we want to preserve those that are left.…”