National Institute on Retirement Security Testifies Before House Ways and Means Committee on the U.S. Retirement Savings Shortfall

Bold Steps Needed to Rebuild Retirement Readiness

WASHINGTON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/pension?src=hash” target=”_blank”gt;#pensionlt;/agt;–Diane Oakley, executive director of the National Institute on Retirement
Security, will testify today before the U.S.
House of Representative Ways and Means Committee
hearing, Improving
Retirement Security for America’s Workers.
The hearing will begin at
10:00 AM ET in 1100 Longworth House Office Building, Washington, D.C.

Oakley
will provide committee members with an overview of the fundamental
changes to the nation’s retirement system that have made it increasingly
difficult for Americans to prepare for retirement. She will discuss how
the disappearance of pensions and declining workplace retirement plan
coverage means that Americans have a dim retirement outlook.

She also will provide insight on how the deep retirement savings
shortfall means that many Americans will face the prospect of continuing
to work well into their 60s, a substantially reduced standard of living,
and/or the need to turn to families or government for financial
assistance. Ultimately, the inability of older Americans to be
self-sufficient after a lifetime of work will have negative impacts on
the U.S. economy, government budgets and families.

The testimony also will provide committee members with insight on bold
actions that can be taken to improve the retirement outlook for working
Americans.

Download the testimony here.

Read more about NIRS research cited in the testimony, including:

The full body of research is available at www.nirsonline.org.

The National Institute on Retirement Security is a non-profit,
non-partisan organization established to contribute to informed
policymaking by fostering a deep understanding of the value of
retirement security to employees, employers and the economy as a whole.
Located in Washington, D.C., NIRS’ diverse membership includes financial
services firms, employee benefit plans, trade associations, and other
retirement service providers. More information is available at www.nirsonline.org.
Follow NIRS on Twitter @nirsonline.

Contacts

Kelly Kenneally
[email protected]
202.457.8190

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