In the United States, 10,000 people are retiring per day. By 2030, the population will consist of 17 million people aged 65 and older. Despite these growing numbers, many seniors lack adequate retirement savings, resulting in a risk of downward mobility among the elderly population.
On July 26, 2013, the AARP and U.S. Chamber of Commerce hosted a forum to discuss and shed light upon this issue. Together, the two organizations issued a joint statement calling the President and Congress to mobilize policies that would result in more retirement saving. Specifically, AARP and the U.S. Chamber highlighted the importance of the following:
- Expanding access for workers to retirement savings plans at their places of employment, while acknowledging and reducing any burden this may place on employers. Special emphasis is placed on programs with automatic enrollment and automatic escalation, which have both proven to be the most efficient and effective method to increase participation;
- Increasing incentives to save for individuals of all income levels, with a particular focus on low- and moderate-income workers who oftentimes have fewer opportunities to save;
- Increasing educational efforts to make more Americans aware of the need to save a sufficient sum for retirement.
In addition to the statement, several panels further emphasized the need for policy changes to implement these suggestions and ultimately lead to more awareness and greater overall savings. Speakers included Putnam Investments CEO Bob Reynolds and several other distinguished panelists.
View the forum in its entirety
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