Washington, D.C.—A new report from the Government Accountability Office (GAO) today calls for a broad examination of our nation’s retirement system as the retiree population grows. “The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement Security” details the issues facing the nation’s retirement system and outlines ways to better promote retirement security. Improving Americans’ retirement security is one of the top priorities of U.S. Senators Susan Collins (R-ME) and Bob Casey (D-PA), the Chairman and Ranking Member of the Senate Aging Committee.
“Nearly half of working Americans believe that they will not have enough money to live comfortably in retirement,” said Senators Collins and Casey in a joint statement. “With an estimated $7.7 trillion gap between what Americans need to maintain their standard of living in retirement and what they have been able to save, improving retirement security is one of the top priorities of our Committee. We are committed to creating more opportunities for hard-working Americans to put money aside and not outlive their savings.”
GAO’s report focuses on four areas: