Retirement security ‘is shakier than ever’ and ‘Americans are not saving enough’ for old age

Americans’ retirement security is unstable, and legislation focused on pensions, Social Security and other savings or healthcare concerns must be a priority for government officials, a group of 31 organizations wrote in a recent public letter to President Biden. 

Companies, economic think tanks and other organizations signed a letter urging the president to create an inter-agency task force from some of the top government departments, including the Department of Labor, Department of Treasury, Securities and Exchange Commission and White House Gender Policy Council. The letter was signed by ADP, Edelman Financial Engines, Employee Benefit Research Institute and Prudential, to name a few. 

“The proverbial three-legged retirement stool is shakier than ever. Social Security and Medicare face financing shortfalls, while pension plans have largely disappeared for younger workers,” the letter, published on the Bipartisan Policy Center’s website, stated. “At the same time, rising life expectancies, soaring health care and long-term care costs, and rock-bottom interest rates have created new risks to retirement security.” 

Alessandra Malito | Marketwatch

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