Washington, D.C. — In an effort to make it easier for Americans to save the money they will need for retirement, U.S. Senator Susan Collins (R-ME), the Chairman of the Senate Aging Committee, and Senator Bill Nelson (D-FL) introduced the Retirement Security Act today. Their bipartisan legislation would help small businesses offer retirement plans to their employees and encourage individuals to save more for retirement.
“As the Chairman of the Senate Aging Committee, ensuring that more people are better prepared for retirement is one of my top priorities,” said Senator Collins. “Our bipartisan legislation would significantly improve the financial security of many Americans by reducing the cost and complexity of retirement plans, especially for small businesses, and encourage individuals to save more for retirement.”
“Too many Floridians aren’t saving enough for retirement,” Senator Nelson said. “This bill will make it easier for folks, especially those working at small businesses, to start saving more now so they’re better prepared when they retire.”
According to the non-partisan Center for Retirement Research, there is an estimated $7.7 trillion gap between the savings American households need to maintain their standard of living in retirement and what they actually have. A recent Gallup poll found that only 54 percent of working Americans believe that they will have enough money to live comfortably in retirement.
The Retirement Security Act would address this issue by: