National Save for Retirement Week Resolution introduced in the Senate

September 27, 2010

The NS4RW Resolution was introduced in the Senate on Friday, September 24th by Senator Conrad (D-ND).

PRESS RELEASE:

Contact: Sean Neary or Chris Gaddie

Conrad Stresses Importance of Saving for Retirement
Senator Unveils Resolution Designating “National Save for Retirement Week”

Washington – Senator Kent Conrad was joined today by Republican Senator Mike Enzi of Wyoming to introduce bipartisan legislation encouraging more Americans to save for retirement. The two senators introduced a Senate Resolution to designate the week of Oct. 17 - 23, 2010 as “National Save for Retirement Week.”

'The key to enjoying the golden years is to put something away during the working years. However, most everyday Americans either aren't saving enough or aren't saving at all,' Senator Conrad said. 'With National Save for Retirement Week, we hope to remind people that everyone should want to save for retirement.'

The resolution encourages the government, including states and local jurisdictions, schools, universities, non-profit organizations and businesses to host educational programs and financial literacy activities in an effort to help prepare more Americans for their retirement.

Recent data from the Employee Benefit Research Institute indicates that less than two-thirds of working Americans are saving for retirement. And while Social Security remains the bedrock of retirement income for the great majority of the people of the United States, it was never intended by Congress to be the sole source of retirement income for families.

'The need to save for retirement is important, even during economic downturns,' Senator Conrad said. 'All workers can benefit from increased awareness of the need to develop personal budgets and financial plans to assist them in saving for retirement.'