FOR IMMEDIATE RELEASE:
February 1,
2006
CONTACT:
Idil Oyman 202.777.3518
Kelly
Alderson 202.777.3542
Statement from Americans for Secure Retirement Chairman Walter Welsh on President Bush’s State of the Union Speech
“Last night, President Bush stressed the urgent need for America to focus on how we will handle the upcoming retirement of 78 million baby boomers.
“Retirement reform must go beyond traditional proposals in order to address the complexities of today’s retirement challenge. For American families, while Social Security is one piece of the puzzle, the situation is compounded by today’s all time low personal savings rate, and the paltry participation of less than 50% of Americans in work-place sponsored retirement plans. And as recent news has shown, traditional pension plans are on the decline as America’s largest companies opt-out of defined benefit plans.
“Americans for Secure Retirement advocates for policies that can help address this retirement dilemma and enable older Americans to maintain their standard of living throughout retirement. By incentivizing individuals to invest a portion of their savings in an annuity, the government can encourage responsible retirement planning that guarantees steady income for life.
“The Retirement Security for Life Act would encourage individuals to secure their retirement by using annuities as their own personal pensions. Annuities are the only individual retirement vehicle that, similar to Social Security and pensions, guarantee steady income for life.
Americans for Secure Retirement is a coalition of 34 members representing a wide array of interests from women’s groups to Hispanic organizations, and farming groups to consumer groups that support policy changes that would encourage workers and retirees to choose retirement vehicles that cannot be outlived, such as life annuities. The coalition supports The Retirement Security for Life Act, which would provide individuals with incentives to participate in alternative ways to secure reliable income in their old age. This legislation (H.R.819/S.381) enjoys broad bi-partisan support in both the House and the Senate.
For more information about the Americans for Secure Retirement coalition, and to learn more about retirement solutions that can help make ones savings last a lifetime, please visit our site at www.paycheckforlife.org.
