Democrats on the Joint Economic Committee, which is comprised of members of the Senate and the House of Representatives, have issued a report detailing a bleak picture of the country's retirement landscape.
Retirement Security in Peril catalogues data from outside sources that will be familiar to industry stakeholders: Half of households near retirement have less than $12,000 in formal retirement savings; large employer sponsorship of defined benefit plans has plummeted over the decades; 30 percent of fulltime workers in the private sector don't have access to a savings plan through their employers.
"Congress must now focus on policies that broaden access to low cost, high-yield retirement savings options, strengthen Social Security, secure pension plans, and restore access to a stable and adequate retirement for an aging population," the report says.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
