16 Jul New Survey by Funding Our Future Shows 31 Percent of Workers Do Not Have Access to Retirement Savings Plans: It’s Time for Congress to Act in Retirement and Social Security
A new survey by Funding Our Future with Morning Consult reveals that 31 percent of employed Americans do not have access to retirement savings plans through their workplace. Additionally, 75 percent of respondents said they would be likely to set aside money in such a plan if given the option.
This, in addition to the 40 percent of Gen Xers projected to run short of money in retirement, signals an immediate need for Congress to act now to improve retirement security for tens of millions of Americans.
The Senate should act now to pass the bipartisan Setting Every Community up for Retirement Enhancement (SECURE) Act of 2019 (H.R. 1994). This critical legislation passed by an overwhelming vote of 417 – 3 in the House and would help make financial stability in retirement a reality for millions of Americans. It would incentivize small businesses to offer their employees workplace retirement plans by reducing regulatory barriers, increasing coverage for part-time workers, and expanding lifetime income options in 401(k)s by increasing flexibility.
Several provisions in the SECURE Act align with BPC’s Commission on Retirement Security and Personal Savings’ recommendations. Since these problems will only worsen if Congress does not act, now is the time to move this bill forward.
BPC Action and BPC’s Commission on Retirement Security and Personal Savings, led by former Sens. Kent Conrad and Jim Lockhart, have long called for Congress to tackle these challenges. For a topline overview of the results from Funding Our Future’s new survey, click here.