FOR IMMEDIATE RELEASE
The Senate first passed a resolution in support of this NAGDCA-conceived effort to raise awareness of the need to adequately prepare for retirement in 2006
Lexington, KY, October 4, 2021—NAGDCA today announced that the U.S. Senate unanimously approved a bipartisan resolution supporting the goals and ideals of National Retirement Security Month. NAGDCA is the premier professional association for plan administrators and services providers of government-sponsored defined contribution retirement plans.
Originally conceived by NAGDCA as a week to encourage retirement saving among government workers, NAGDCA’s effort has grown into National Retirement Security Month (NRSM), a national effort to inspire American employees to save adequately for a secure retirement observed during the month of October. The Senate has passed a resolution honoring NRSM every year since its inception in 2006.
As articulated in S. Res. 404, the Senate “calls on States, localities, schools, universities, nonprofit organizations, businesses, other entities, and the people of the United States to observe National Retirement Security Month with appropriate programs and activities, with the goal of increasing the retirement savings and personal financial literacy of all people in the United States and enhancing the retirement security of the people of the United States.” Senators Ben Cardin (D-MD) and Susan Collins (R-ME) led the resolution, with Senators Patty Murray (D-WA), Todd Young (R-IN), Maggie Hassan (D-NH), John Barrasso (R-WY), and Tim Scott (R-SC) joining as co-sponsors.
“We’re grateful to the U.S. Senate for its ongoing support for the goals and ideals of National Retirement Security Month, as demonstrated by this newest resolution—the 16th since we first conceived a focused effort to encourage government workers to save for retirement,” said NAGDCA Executive Director Matt Petersen. “National Retirement Security Month asks Americans to be aware of their financial standing with regard to retirement—and for employers to make every effort to help them take the steps necessary to adequately prepare for their financial security in retirement. Data suggests the need for attention and action continues.”
Findings from TransAmerica’s 21st Annual Retirement Survey reveal the retirement outlook of workers across four generations:
- 34% of workers have ever taken a loan, early withdrawal, and/or hardship withdrawal from their 401(k), similar plan, or IRA, including 25% who have taken a loan and 25% who have taken an early and/or hardship withdrawal. Millennials (44%) are more likely to have ever dipped into retirement savings than Generation X (33%), Generation Z (30%), and Baby Boomers (17%).
- Total household retirement savings among all workers is $93,000 (estimated median). Baby Boomers have the most retirement savings at $202,000, compared with Generation X ($107,000), Millennials ($68,000), and Generation Z ($26,000).
49% of workers expect to work past age 65 or do not plan to retire, an expectation that is higher among older workers. 72% of Baby Boomers either expect to or are already working past age 65 or do not plan to retire, compared with Generation X, Millennials, and Generation Z (51%, 37%, and 36%, respectively).
- 24% are “very” confident they’ll be able to fully retire with a comfortable lifestyle. Millennials (30%) are more likely to be “very” confident than Baby Boomers (21%), Generation X (19%), and Generation Z (16%).
“The results of this survey and others clearly attest to the need for the nation’s employers, policymakers, and Americans to maintain their focus on the many variables influencing financial security in retirement—hence the continued importance of National Retirement Security Month,” concluded Matt.
NAGDCA provides education, information, and training in all aspects of public plan administration to support members in creating plans that enable secure retirement outcomes for their participants. National Retirement Security Week, originally conceived by NAGDCA to encourage retirement saving among government workers, has grown into National Retirement Security Month, a national effort to inspire American employees to save adequately for a secure retirement that is observed throughout the retirement industry during the month of October. It has received bipartisan Senate resolution since its conception in 2006. To learn more about NAGDCA, visit https://www.nagdca.org/.
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Robin Schoen Public Relations