Thomas Daschle: “Lack of retirement security is America's quiet crisis. Americans who work hard all their lives--either in the workplace…”

“Lack of retirement security is America's quiet crisis. Americans who work hard all their lives--either in the workplace or at home--deserve peace of mind that a secure retirement awaits them. But too many Americans live in fear that they cannot afford to retire because they do not have adequate pension coverage. Right now, 51 million working Americans--more than half of private sector workers--have no private pension plan. Women are especially hard hit by this quiet crisis. Nearly two-thirds of working women do not have pension plans. And if you work in a small business, you only have a 1-in-4 chance of getting pension coverage. Even those workers fortunate enough to have a pension plan cannot be sure their pensions will actually be there when they are ready to retire. Add to that the fact that more Americans are spending every dollar they earn just to pay the bills, leaving less and less for retirement, and it is no wonder people are worried about the future. Working Americans should be able to count on a pyramid of income sources that, along with Medicare, provides them with a secure retirement. Social Security is the base of that pyramid, the foundation of retirement security. At the top of the pyramid are employer-provided pensions and private savings. From day one, Democrats in this Congress have had to fight to protect Social Security and Medicare from attacks by the far right.”