Herb Kohl: “I rise today as chairman of the Special Committee on Aging to talk about retirement security in America. In recent…”

“I rise today as chairman of the Special Committee on Aging to talk about retirement security in America. In recent years, workers have seen their savings take a hit, with many wondering whether they will ever be able to retire. The current retirement income deficit--in other words, the gap between what Americans will need in retirement and what they will actually have--is $6.6 trillion, according to the nonpartisan Center for Retirement Research at Boston College. Now more than ever, we need to strengthen our Nation's pension and 401(k) systems so that Americans can protect the retirement savings they work a lifetime to earn. In doing so, we must recognize that today's retirement savings vehicles look a lot different than they did a generation ago. Our current system increasingly places the responsibility for saving on the individual, meaning that people have to make retirement decisions on their own because many employers are not doing it for them. That is why the Aging Committee is working to give people more guidance, more tools, and more protection.”