WASHINGTON – Congressman Vern Buchanan today penned an op-ed in the Washington Examiner on the dire need to help people better prepare for their retirement and avoid a looming financial crisis.
Buchanan called for passage of the Securing a Strong Retirement Act of 2021, legislation that passed the House Ways and Means Committee unanimously last May. The bipartisan bill provides new incentives for businesses to invest in the retirement futures of their employees and makes it easier for individuals to maximize their retirement savings.
In the op-ed, Buchanan said, “it’s clear millions could face a financial crisis during their retirement years. We can and should do something about this, but partisan politics have stood in the way of real progress.”
Americans are increasingly unprepared for retirement. Keep in mind:
- According to a recent survey, more than half of all workers said they were behind on their retirement savings
- More than one-third of U.S. workers have never even had a retirement account.
- A quarter of adults have no retirement savings at all. Zero.
Highlights:
- “Congress can help head off this avoidable emergency and give individuals, families, and businesses more tools to boost their retirement nest eggs. In fact, last May, the House Ways and Means Committee unanimously passed the bipartisan Securing a Strong Retirement Act of 2021, legislation filled with new incentives to help improve the retirement financial landscape for everyone.”
- “Unfortunately, this bipartisan effort has since stalled in Congress. Speaker Nancy Pelosi has so far refused to bring it to the full House for a vote. Instead, Democrats in Congress have pursued a completely partisan agenda to placate their party's far left.”
- “Another common sense step Congress should take immediately is to pass another bill I have proposed: the Know Your Social Security Act. My bipartisan bill helps Americans plan for retirement by making it easier to access critical information about an individual’s Social Security earnings, contributions, and future benefits.”
- “My district in Southwest Florida is home to nearly 240,000 seniors, many of whom rely on Social Security as their primary source of income during retirement. The AARP has endorsed my bill and called these statements “vital” documents that will help adults ‘more effectively plan for retirement.’”
- “Retirement doesn’t have to turn into another U.S. financial crisis. With responsible incentives and smart planning, we can give more people the peace of mind they deserve as they grow older. Now is the time for Congress to put aside the games and come together to enact bipartisan solutions and strengthen America’s retirement security.”
Click HERE to read the full op-ed.
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