FOR IMMEDIATE RELEASE
February 3, 2005

Statement from Americans for Secure Retirement on President Bush's State of the Union Speech

Last night, President Bush set the stage for a debate over how to strengthen our country's retirement system.  While there may be differing views on the level of crisis that Social Security faces, one thing everyone should be able to acknowledge is the surefire crisis Americans face in managing their retirement savings to provide a steady income for life.

The President said that all ideas are on the table.  These ideas should not just focus on Social Security, but also explore ways to improve other retirement vehicles.  One option that President Bush and Congress should look at is The Retirement Security for Life Act, which incentivizing retirement vehicles that provide a steady income that can not be outlived, such as life annuities.  Life annuities, which act similar to a paycheck for life, play a key role in many Americans' efforts to maintain their standard of living, at a time when Social Security replaces less of our income and traditional pension coverage is on the decline. We now look to Congress to put this idea on the table and fight to make sure Americans have all of the tools needed to have safe and reliable income in their old age.

For more information on our coalition or to find out how long your retirement savings will last, visit www.paycheckforlife.org.