SCHWARTZ’S RETIREMENT WEEK RESOLUTION PASSES HOUSE

FOR IMMEDIATE RELEASE                                 CONTACT: Tali Israeli, 202-225-6111
July 28, 2010                                

Washington, D.C. – U.S. Rep. Allyson Schwartz delivered the following speech on the floor of the U.S. House of Representatives today on a resolution she introduced to highlight the importance of Americans saving for retirement. The resolution will designate October 17 through October 23 as “Save for Retirement Week” and will raise public awareness of various retirement vehicles to increase personal financial responsibility and literacy. The resolution passed by voice vote today.

Previous resolutions introduced by Schwartz were passed by the House of Representatives in 2007, 2008, and 2009.

With people in the United States living longer and the cost of retirement continuing to rise, Schwartz believes everyone should understand that saving for retirement is a key component to overall financial health and security.
 
Data from the Employee Benefit Research Institute indicates that, in the United States, less than 2⁄3 of workers or their spouses are currently saving for retirement and that the actual amount of retirement savings of workers lags far behind the amount that will be needed to adequately fund their retirement years.

'Today, I rise in support of the National Save for Retirement Week Resolution that I have sponsored with Representative Sam Johnson.  He and I have championed this proposal, which has passed the House of Representatives each of the last three years.
 
'Saving for one's retirement is of paramount importance. Less than two-thirds of workers are saving for retirement and those who are saving are not saving enough to adequately fund their retirement.
 
'As a result, too many workers rely solely on Social Security to fund their retirement.  Social Security is the bedrock of retirement security and retirement income for many Americans. However, on average, a Social Security retiree today receives $14,000, hardly adequate as the sole source of retirement income for most Americans.
 
'This resolution will help raise the public awareness of the importance of saving for retirement and encourage greater personal financial responsibility. Congress, and employers can encourage saving for retirement through information on long-term savings vehicles and payroll documents that currently exist for most American workers.
 
'Since the economic downturn, the personal savings rate has risen to 3 percent up from just a year ago when Americans were failing to save at all. We can build on this recent experience to raise awareness about the need to save for emergencies, for future expenses and for retirement. Small savings throughout one's life does result in a more secure retirement.
 
'As we acknowledge the 75th Anniversary of Social Security, and renew our commitment to Social Security's guaranteed minimum benefits for future seniors, we should also acknowledge and support this resolution and encourage more Americans to save for their retirement.'